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.

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.