The Economist: One Year On From The Start Of Open Banking
January 10, 2019
In a story on the one-year anniversary of the EU's revised payment services directive (PSD2) and Open Banking, The Economist says that implementation of the new rules has been slow among banks.
"For the past 200 years banks have focused on keeping customer data and not letting anyone else get at it," explains Partner and Head of Open Data Emmet Rennick. "In the past year or two they've been told, 'That's not the game'. But they have improved their act. Some are rolling out their own aggregation apps. The average response time of banks' APIs--the software which gives access to the permitted data--to queries from third parties was halved between July and November.”
Read the full article here and discover more from of our Financial Services practice here.