Difference between revisions of "Open Banking"
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Latest revision as of 11:34, 29 September 2021
Contents
Definition
Open Banking is an architecture of Financial Service provision that aims to enable third-parties to access client data and use them to build applications and services distinct from those offered by the primary bank of the client.
Adoption
- The European Parliament adopted a revised Payment Services Directive II, known as PSD2. The new rules included aims to promote the development and use of innovative online and mobile payments through open banking.[1]
- The United Kingdom Competition and Markets Authority (CMA) issued a ruling that required the nine-biggest UK banks to allow licensed startups direct access to their data down to the level of transaction account transactions.
- An open banking project was launched in Australia as part of the Consumer Data Rights project by the Australian Treasury department and Australian Competition and Consumer Commission
- The Open Banking Nigeria initiative aims to drive adoption of common API standards
See also
References
- ↑ Payment services (PSD 2) - Directive (EU) 2015/2366
