2020 was a year of rule-breaking, 2021 is the year to reset the rulebook.
Unable to grow unchecked, the regulatory framework within which innovation has been trying to flourish has shown its creaky joints, ill-equipped supervisory mechanisms and outdated mindsets.
Yet, despite early concerns and predictions that Covid-19 would hinder progress across the payments landscape, the monumental shift toward reliance on digital payments has instead lit a fire under financial institutions and the regulators which oversee them.
The pandemic presented unmatched challenges to the global economy, including the provision and regulation of digital financial services and fintech activities across both advanced and emerging economies, but innovators were quick to pick up the reins, and presided over a proliferation of tools and products catering to those most in need.
Open banking continues to evolve, and as Open X takes hold, the obligation to place consumer protection at the heart of this growth is evidenced in the implementation of the Second Payments Services Directive’s (PSD2) requirement for Strong Customer Authentication (SCA). While financial services remain challenged with ever more malicious cyber threats, AML and fraud regulations are clamping down on crime.
The deployment of sophisticated technology is also increasingly being used to identify and quash threat-actors, and particularly in the case of LIBOR’s cessation and ESG objectives.
Delving into the key industry-shaping regulatory updates for 2021, the Future of Regulation sets out the insights of leading industry players including Accenture, Clifford Chance, JP Morgan, Mollie, NatWest, Oaknorth Bank, Shearman & Sterling and TrueLayer.
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