Open banking: Progressing to the summit

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Open Banking: Important information for EEA participants

Open banking: Progressing to the summit along with the introduction of PSD2 and GDPR

  • They give financial service providers and banks, an advantage in the financial services arena
  • Banks and disruptors alike are still trekking through the foothills of open banking
  • Retailers benefited by receiving the transaction fees that previously go to ATM operators
  • Both PSD2 and GDPR introduced aimed to give consumers greater control and protection
  • Consumers are unaware of  security requirements by PSD2, including SCA, APIs
  • They reassure consumers on the ability to keep their data secure, they can build on that strength