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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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PSD2 requires that Account Servicing Payment Service Providers (ASPSPs) shall design their channels in such a way so that Third Party Providers (TPPs) are able to identify themselves when accessing these channels. The ASPSP shall be able to recognize that it is a particular regulated TPP accessing the account and not the end-user himself. Article ...
13 May 2019 /regulation
Tautvydas Medziukevicius Legal Counsel at Swiipe
The Second Payments Services Directive (PSD2) is opening many doors for small companies in a bank-dominated industry. With the new rules some of the competences are transferred from the banks to the hands of the consumers. Consumers have the authority, through consent, to allow smaller companies to use consumers’ bank accounts to provide unique se...
07 May 2019 /regulation /startups
It is no secret for those of us involved in UK open banking from its start that top UK Banks have and continue to drag their feet to truly meet open banking/API performance expectations as confirmed by the Finextra news report from APImetrics. While this report is sadly not completely news, it confirms the lack of commitment from UK’s top three. ...
06 May 2019 /payments
Abdulla Almoayed CEO at Almoayed Technologies
The spirit of co-opetition will make Bahrain’s banks the envy of the world Bahrain’s Open Banking compliance deadline of 30th June is rolling round quickly and its regulator, the Central Bank of Bahrain has already signalled that it has no plans to extend it. This means Bahrain’s banks need to move quickly. Doing so, however, is risky: hasty decisi...
02 May 2019
(Due to my travels to various countries advising and speaking on open banking, I will be publishing a series of posts on this subject and how it is being embraced globally.) Background In 2016, I was asked to be head of data standards for the open banking Implementation Entity (OBIE) which was undoubtedly the most difficult assignment I’ve been a...
30 April 2019 /payments
Anthony Walton CEO at Iliad Solutions
The target for Open Banking access has fallen way short of legislators’ expectations, with over 40% of European banks still unable to provide adequate infrastructure and access. There is no doubt that the issue of PSD2 continues to play a major part in the European Payments landscape. The European Central Bank makes a significant demand on all fin...
03 April 2019 /payments
Sarah Jackson
15 months after open banking launched in the UK, consumer understanding of what it means remains low. In January this year, research revealed that just 9% of British adults had used open banking services, and less than a quarter (22%) had even heard of it. In fact, this is only part of the picture. Just because consumers do not recognise the terms ...
01 April 2019 /retail
Open Banking is a powerful opportunity for both established banks and new fintech market entrants to develop and deliver impactful and empowering payments and financial services to consumers and businesses alike. It has been estimated that PSD2 has the potential to create a revenue opportunity of at least £7.2bn by 2022 across retail and small-bus...
26 March 2019 /ai
I recently attended the QAFF event in London, and it was clear to see the increasing relevance that APIs play as part of the global march towards improved access. 2018 was dominated by headlines proclaiming the Open Banking revolution that’s just around the corner. However, although the commercial and consumer benefits it promises are taking a whi...
14 March 2019
Following the one-year anniversary of Open Banking going live in the UK, I was struck by how many headlines suggested it had somehow “failed” or is otherwise not fit for purpose. The negative press surrounding Open Banking has stemmed from a variety of viewpoints. Some from a lack of understanding by journalists on the subject, some concerned wit...
06 March 2019 /regulation
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