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3 how to flourish in an uncertain future open banking and psd2.
Open banking timeline uk. A revolution in uk retail banking open banking. Its called open banking and its driven by a new eu directive and new uk competition rules. The recent competition and markets authority cma announcement and the european unions decision to extend the scope of the original payment services directive through psd2 coupled with the open banking standard set out by the uk governments open banking working group illustrates how the payments market will be opened to new entrants driving further competition and accelerating. Going forward it will be interesting to see how the open banking efforts in france and the uk converge.
Open banking uses secure technology. The european commission has stated that banks and other organisations have until september 2019 to implement final technical specifications related to psd2 but its unclear exactly how developments made by the obie stet and the berlin group will comply or need to be adapted. In 2016 the competition and markets authority cma published a report on the uks retail banking market which found that older larger banks do not have to compete hard enough for customers business and smaller and newer banks find it difficult to grow and access the market. Open banking is designed to bring more competition and innovation to financial services.
The complete guide to open banking and psd2 in the uk. Read the small print always read the terms and conditions before you agree to give a regulated app or website access to your data. Every provider that uses open banking to offer products and services must be regulated by the fca or european equivalent. In this development regulators are seeking to drive increased competition and innovation by opening up customer banking data to third parties.
It was set up by the competition and markets authority on behalf of the uk government. Chapter 1 market context banks are finding it harder to generate revenue. This is due to the combination of low margins in a. The uks open banking regime is implemented through the cmas retail banking market investigation order 2017 which requires the uks nine largest banks to upon request from customers.
Changes taking effect this weekend mean that banks will have to share financial data such as. To tackle this they proposed a number of remedies including open banking which. Open banking will change banking forever giving you unfettered access to your own data better and cheaper financial products and more. Open banking will make a transformational change to banking for personal customers and small businesses.
At the moment the nine biggest banks and. Check if its regulated see if the app or website is listed on our regulated providers page or check the fca register or european equivalent.
