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Educating Consumers On Open Banking Proving Tough, Says Industry

UK industry figures have revisited concerns over the presentation of open banking to consumers, saying confusion will be most likely during the current “transition period” prior to technical standards taking effect.

The concerns were voiced at an industry event hosted by CCgroup last week, which featured senior executives close to the implementation of the revised Payment Services Directive (PSD2) in the UK.

Phillip Mind, principal in the payments policy division at industry group UK Finance, said communicating the potential benefits of the reforms to consumers has long proven an uphill task.

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