EMA Pushes For Focus On Third Parties In Open Banking Timeline

The Electronic Money Association (EMA) has emphasised the need for third parties in the UK to be able to develop new features as soon as possible to help widespread public adoption of open banking.

In its response to a consultation on a revised roadmap proposed by the Open Banking Implementation Entity (OBIE), the EMA has outlined a number of functionalities which it said are particularly needed to encourage development of the scheme.

It listed two-way notification of revocation, exemptions from strong authentication requirements for trusted beneficiaries, reverse payments and variable recurring payments as key aspects that should be introduced as soon as possible.

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