As the clock counts down to when Financial Institutions (FIs) must be ready for external testing for PSD2 open banking it is interesting to see how ready, or not, all other parties are in the value chain. Most national competent authorities have nothing published about how and where they will provide updates on Third-Party Provider (TPP) registration and approvals and many still have to begin the process of even approving/registering TPPs with some EEA markets yet to even transpose the regulations to local law.
Alan McIntyre pictures Open Banking ecosystems as Venus flytraps for growth. Read the post.
The best thing a banker can do today is regard the U.K. as a real-world fintech laboratory, track developments closely and seek opportunities to capitalize on change, writes Naomi Bowman, managing director for Berkeley Research Group in London.
RBS and Barclays have acquired criticism currently for not launching their very own open banking APIs; although they’re compliant with the brand new regulation many imagine launching their very own APIs will assist to construct extra consciousness within the open banking initiative; 14 p.c of individuals between 18 and 24 years outdated have heard of
Pamela Dingle, Director of Identity Standards, Microsoft What happens when you need to create an open API ecosystem with robust security requirements
Digital identity management specialist ForgeRock clearly sees the new open banking regulations popping up across the UK, Europe and New Zealand as a huge opportunity.
UK-based financial services consultant Altus has issued a survey revealing a higher rate of openness towards open banking among the young generation.