Open Banking enables safe and legal third-party access to banking data. The UK’s Competition Market Authority (CMA) was the first to launch mandatory Open Banking regulations in 2018. Now, the EU is set to launch a sweeping new set of regulations across all member states in the form of the revised Payment Services Directive (PSD2).
Although the services are already widely used, the majority of the public are unaware of Open Banking and what it means for their finances: only 1 in 4 people in the UK are familiar with the term. At this important juncture, we break down what Open Banking really means and explore how policy-directives can be used to accelerate digital innovation.