Open Banking

Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.

Retired Member 

146 Million Europeans To Benefit From Open Banking Services

A recent Moneywise survey in the UK found that 73% of bank account holders would not use Open Banking services. However, this also means 27% of the population would. On the assumption that the survey figures hold true across Europe, I decided to crunch the maths. According to latest European banking data, there are 540 Million European current ac...

01 February 2018 /retail

Hakan Eroglu Advisor at BIS Innovation Hub (all opinions are my own)

A Summary of the new Hong Kong Open API Framework, and how it Compares with PSD2

Today, Open Banking is gaining increasing traction globally, through a combination of banks’ internal efforts, market initiatives, and regulations like the EU’s PSD2 and the UK’s CMA Open Banking. Now Hong Kong has also got on board, with the Hong Kong Monetary Authority (HKMA)’s launch of its draft Open API framework. Publication of the framework...

30 January 2018 /payments

Retired Member 

Novelty to Necessity: The Power of Personalisation Technology in Banking

Thanks to advanced technologies, we now have natural language robotics and facial recognition that can measure and match unique characteristics for the purposes of authentication and identification. With personalised assistance machines, we are more able to detect, prevent and deal with various threats on society. In the digital world, facial bio...

30 January 2018 /retail

Gavin Scruby CIO at SmartDebit

What does Open Banking mean for Direct Debit - and how does it tie in to Star Wars?

I went to see the new Star Wars film recently. At the time, I had Open Banking on my mind. I was thinking about its effects on Direct Debit, as the two could easily seem to conflict in a galactic, well UK-wide, struggle. It made me think back to the original films and ask myself: is Open Banking Vader to Direct Debit’s Obi Wan Kenobi? And, will Di...

20 January 2018 /payments

Retired Member 

Open Banking: Redefining the Private Banker

The acclaimed author and social commentator Malcolm Gladwell once commented, “We learn by example and by direct experience because there are real limits to the adequacy of verbal instruction”. With Open Banking, private banking can be available to all A Retail banking revolution is underway. Evolving customer expectations, shifting platforms, rei...

18 January 2018 /ai

Retired Member 

Open Banking: Will It Impact Bank Account Switching?

Over time, BACS Account Switching stats can provide useful insights into the impact Open Banking has by measuring the volume of movement between UK current account providers. The latest stats cover Q1 2017 and reveal the following: - Nationwide Building Society is the clear winner with a net gain of 38,000 thanks to heavy promotion, offering high ...

17 January 2018 /retail

Myles Stephenson Chief Executive at Modulr

Seven things you probably should know about PSD2, but were never told

January 13 was the deadline for the much-anticipated Second Payment Services Directive, or PSD2, to become national law in EU Member States. In the UK, PSD2 was implemented within the 2017 Payment Services Regulations, which are enforced by the Financial Conduct Authority (FCA). Much of the focus around PSD2, understandably, has been on open banki...

16 January 2018 /payments

Retired Member 

PSD2: Short Term Pain, Long Term Gain

The information on PSD2 can be overwhelming and confusing to both the average person and tech genius alike. This post aims to simplify the mandated requirements within PSD2 and provide insight on how Financial Institutions can embrace and respond to this initiative. Most importantly, it aims to raise excitement as this regulation will change the b...

16 January 2018

Mark Jackson Managing Director - Product & Capabilities at Valuedynamx - a Collinson Company

2018 will be shaped by Open Banking

For retail banks operating in the EU, open banking - and ‘Open APIs’ which are seen as a key facilitator of this - have become hot topics in the boardroom. Spearheaded by the European Commission’s revised Payments Directive (PSD2), banks that operate in the EU will, from Jan 13th 2018, need to provide ‘open access’ to payments and account inform...

12 January 2018 /retail

Retired Member 

Open Banking 13 Jan 2018 - 'Danse Macabre' or Tango for Banks and Fintech?

Now that the floor is nearly open for true open banking in Europe as a result of the passing of the PSD2 kick off date this Sunday, observers sit tight to see the scene unfold. Will we be enjoying a Danse Macabre with the incumbent banks in a leading role or a 'Scent of a Woman' tango, the unforgettable picture of experience and youth joining forc...

12 January 2018 /payments