The UK’s Financial Conduct Authority (FCA) will launch consultations on an “open finance” framework later this year, as the regulator looks to extend open banking beyond only payment accounts.
Although still in its infancy, the UK’s open banking regime now allows regulated third-party providers to access customers’ accounts to aggregate data and initiate payments. It has its legal basis in the EU’s revised Payment Services Directive (PSD2) and a parallel standardisation initiative by competition authorities.
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.