The UK's Open Banking regime has turned three years old - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 51%

Ireland News News

Since 2018, open banking adoption among UK consumers has surged, followed by the rest of Europe

megaround in December, with its API enabling more than 3,400 banks across Europe to securely share customer data.

However, Brexit-induced regulatory changes could impose setbacks to open banking usage in the UK, unless the government steps in to offer clearer guidelines. The country's Financial Conduct Authority has financial firms that they won't be able to use the EU's certification standard to share customer data after June this year.

This gives banks little time to adapt and risks blocking UK consumers from accessing open banking products, leading to customer dissatisfaction with fintech apps, which could reduce trust in the long run. Banks may also differ in what new certification regime they will adopt, leading to regulatory confusion and higher compliance costs for fintechs.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines