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Israel To Mandate Open Banking Despite Political Deadlock
6th Dec 2019 | Written by:
After months of political deadlock, Israel’s banking regulator has taken up the mantle of open banking, announcing it will require banks to provide fintechs with access to customers’ accounts.
ECB Tells Industry To Build New Continent-Wide Payment Scheme
27th Nov 2019 | Written by:
The European Central Bank (ECB) has thrown its weight behind the creation of a new continent-wide payment system for both retail and e-commerce, warning that reliance on global financial giants...
Open Banking Deadline Delay Not Necessary, Says EBA
25th Nov 2019 | Written by:
The European Banking Authority (EBA) has acknowledged there were “teething problems” around the introduction of third-party account access reforms, but said the fragmented picture across the...
U.S. Lawmakers Urged To Ban Screen Scraping For Financial Data
22nd Nov 2019 | Written by:
U.S. fraud experts and consumer rights advocates have urged lawmakers not to let screen scraping form part of any open banking initiative, calling for laws to be extended to ensure the introduction...
Free Range Fintechs Pose Open Banking Supervision Risks
20th Nov 2019 | Written by:
Regulators must be wary of the risks posed by banks providing account access to unregulated fintechs as open banking models take shape, an influential group of central banks has warned.
FCA To Consult On Expanded 'Open Finance' Regime
19th Nov 2019 | Written by:
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.
First Fraud Patterns Emerge As UK's Open Banking Project Gains Ground
14th Nov 2019 | Written by:
As the UK’s first open banking offerings start to gain consumer traction, fraudsters are already beginning to move into the space — pressuring banks to find out new ways of stopping them.
EU: Practical Guide: EBA Q&A on PSD2
11th Nov 2019 | Written by:
The European Banking Authority's (EBA) single rulebook Q&A contains information on various regulations and directives to ensure consistent and effective application of the new regulatory...
European Banking Authority Blasts Attempts To Skirt PSD2
7th Nov 2019 | Written by:
European authorities are investigating efforts by banks to thwart account access for fintechs mandated by the EU’s revised Payment Services Directive (PSD2), with plans to call on national...
Hong Kong Sets Out Consumer Protection Pointers For Open Banking
31st Oct 2019 | Written by:
Hong Kong’s financial regulator has urged banks and payment service providers to thoroughly vet fintechs accessing accounts under the territory’s open banking regime, as it suggests a series of...
UK To Retain eIDAS For Open Banking After Brexit
28th Oct 2019 | Written by:
EU-issued electronic certificates relied upon by third-party providers will still be valid in the UK after Brexit, the Financial Conduct Authority has confirmed.
Regulators Look To Wield Open Banking Against Financial Crime
22nd Oct 2019 | Written by:
Regulators have mooted the possibility of beating the ploughshare of open banking into a sword against financial crime, but technical and legal hurdles still stand in the way of authorities’...
German Banks And Fintechs Agree To Combine Efforts On PSD2 Account Access
17th Oct 2019 | Written by:
Germany’s payments regulator has endorsed a new collaborative effort by the country’s banks and fintechs to cooperate on the rollout of the third-party account access regime mandated by the revised...
Australia: AUSTRAC Consults on Proposed Amendment to Chapter 11 of AML/CTF Rules
16th Oct 2019 | Written by:
On October 15, 2019, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released proposed amendments to Chapter 11 of the AML/CTF Rules for public consultation. ...
Malta Tells Banks To Monitor Third-Party Data Use Under PSD2
16th Oct 2019 | Written by:
Regulators in Malta have told banks to ensure third-party providers operating under the revised Payment Services Directive (PSD2) cannot access data beyond what is necessary to carry out the...
Delays To PSD2 Standards A Fraud Concern, Says Europol
10th Oct 2019 | Written by:
Europol has highlighted the dangers posed by the stuttering introduction of strong authentication and open banking reforms, flagging indecision over delays as a gap to be exploited by fraudsters.
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