For years, London has been the fintech capital of the world. Is that likely to change now that Britain is gearing up to leave the EU before April 2019?
While U.S. regulators have struggled to create a regulatory framework that supports innovation in banking, the U.K. and fellow European Union nations have charged full steam ahead toward open banking.
A critical mass of digital platform opportunities could create a new center of gravity for startups and alter the flow of fintech talent and funds.
The centerpiece of this effort is the EU’s Revised Payments Services Directive (PSD2). Aimed at creating a more integrated European payments market, the directive requires that all banks operating in EU member states provide access to customer account information, transaction information and payment initiation to third parties via application programming interfaces (APIs).
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