UK industry insiders have defended the slow uptake of new open banking offerings, saying that the underlying regulatory reforms are still bedding in and insisting the issue cannot be properly considered until September at least.
A panel at the Innovate Finance conference in London last week considered the issue of third-party account access 15 months after the EU’s revised Payment Services Directive (PSD2) and the UK’s parallel open banking programme took effect. Neither has yet shown the revolutionary results expected by policymakers.
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