The dichotomy of open banking vs. data privacy !#openbanking #dataprivacy…
Since PSD₂ came into effect in January 2018, the world’s traditional banks have been irrevocably impacted. By opening up access to consumers’ financial data, previously owned exclusively by the banks, the new regulation allows fintech start-ups to legally access this data, once consumers have opted-in, and offer banking-type services – without needing a bank to do so. This has allowed more players to enter the market under regulatory supervision.
The UK’s largest credit reference agency, Experian, can now offer Open Banking and PSD2 (Payment Services Directive 2) services to enable the exchange of bank account information between people and organisations. The FCA has given it permission to operate as an Account Information Services Provider (AISP).
On 13 June 2018 the European Banking Authority (EBA) published an Opinion and draft Guidelines on the Regulatory Technical Standards (RTS) on Strong Customer Authentication and Common and Secure Communication.
A study from Network Research has shown that Open Banking is set to revolutionise the way that UK consumers manage their personal finances.
The research has been tracking 500 UK consumers since May 2018 to monitor their awareness of Open Banking and to find out if they are making use of the initiative and how likely they are to use it in the future.
The new Open Banking standard will change how banks share data, and how third parties access it. Find out what Open Banking means for small businesses and accountants, and see how you can benefit, at the Xero resource centre.
Revolut Connect has launched today Banking challenger and fintech unicorn Revolut has launched Connect, its marketplace for business banking. Users of Revolut’s business accounts will now be able to connect to and build integrations with popular business apps.