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Open banking is finally coming to Southeast Asia’s banking industry says IDC. The analyst says the industry must be bold in their approach to reconfigure technological and policy infrastructure.
Does Open Banking mean open house for fraudsters? Open Banking has come a long way since we all explored it at Sibos last year. But are banks really able to fully protect their customers when it comes to Open Banking?
Nordea takes a major step by extending Open Banking to Sweden. This gives developers the possibility to begin building applications designed for both Finnish and Swedish customers. “We see open banking as a huge opportunity to create better financial solutions”, says Casper von Koskull, CEO of Nordea.
Nordea’s Open Banking platform was launched at the end of 2017 when Finnish customer data was made available to third party developers. Nordea was one of the first banks in Europe to see the potential opportunities offered by PSD2 (Payment Services Directive) regulations which require banks to open up to third parties to offer services to account holders. Since the launch of Open Banking, more than 2500 developers have registered to test Nordea’s APIs.
The PSD2 and Open Banking Biometric Authentication Market report analyses the prospects in the market for several shareholders and aspirants by identifying the high-growth segments, main actions approved by them and PSD2 and Open Banking Biometric Authentication market recent progressions.
Ireland-based fintech Priviti has launched in Australia as the country prepares for new Open Banking legislation and the Consumer Data Right.
January 2018 saw the arrival of Open Banking, landmark legislation that hands ownership of financial account information and data from the bank or building society to the customer. Six months into what was heralded as the start of a revolution in financial services, slow implementation by banks and building societies has prompted criticism that the initiative is more hype than about structural improvement. Yet, this ignores the fact we are at the very start of the journey, and realising the benefits that Open Banking will deliver to customers, providers, regulators and our economy as a whole, will take time.