The Euro Banking Association is advocating the creation of an industry-led coalition to drive digital consent management and data exchange standards in the B2B space, as Europe prepares for a new era of Open Banking under PSD2.
The concept is floated in a new paper from the Association’s Open Banking Working Group (OBWG), composed of 45 practitioners from 29 banks and other providers across Europe.
The document, 'B2B Data Sharing: digital consent management as a driver for data opportunities', shows how data sharing among banks and other service providers can help to increase efficiencies, lower risks and contribute to service innovation.
These trends have an impact not only on the internal organisation of banks but also on the industry at large, which needs to assess possibilities for collaboration to strengthen the positioning towards business customers, says Vincent Brennan, head of group operations and payments, Bank of Ireland and chair of the OBWG.
“Our analysis confirms that in order to truly drive innovative data propositions, digital consent management and a standardisation of data exchange are required. This will support secure and controlled accessibility of data at scale and with explicit consent given by the data owners, enabling banks and other service providers to address the emerging needs of business customers.”, he says. “While this may be achieved by individual banks, there is also an opportunity for industry collaboration as the set-up of digital consent management and the exchange of data requires trusted relationships amongst multiple parties.”
The paper is released to coincide with EBAday, the organisation's annual payments and transaction banking conference, which has attracted over 1000 payments experts to Munich for two days of debate on the the future of the payments industry. Co-organiser Finextra is live blogging the event.
EBA Clearing, which celebrates its 20th anniversary this month, is using the conference to set out its strategic goals for the development of its payments platforms, including the large-value payment system EURO1, the pan European ACH platform for Sepa STEP2 and the instant payment service RT1.
Chief among its objectives is the development of a unified cross-platform monitoring tool ahead of a planned migration to the ISO20022 messaging standard in 2020.
“The goal of our future positioning for EURO1 and our other services is to make it easier for our users to get an integrated view across all their service activities and related liquidity positions. Our work in this area should also help our users to centrally steer their service activities according to their needs,” saysHays Littlejohn, CEO of EBA Clearing. “This strategic course is in line with the outcome of our latest user consultations, where participants confirmed their strong satisfaction with our services in their current set-up but at the same time expressed a vivid interest in more cross-service support tools.”
The company is providing a first glimpse of what the future may hold at EBAday, demonstrating a liquidity dashboard developed in concert with Swift.
“The liquidity dashboard provides an overview of the liquidity and position of participants both in EURO1 and in RT1,” says Petra Plompen, senior manager, service development and management, EBA Clear. “Swift has helped us to develop the dashboard in an agile manner using existing EURO1 and RT1 APIs. This proof of concept, which they delivered within less than a month, demonstrates how we can keep the core, but also align our services to the maximum extent.”