Navigating the Open Banking Initiative and PSD2

[kreslik.news]

This article was written by Barry O’Donohoe, co-founder and Senior Partner at RAiDiAM 

The upcoming open banking initiative has formed as a result of the Competition and Market Authority’s (CMA) latest effort to promote increased competition and consumer choice among banking service providers.

In addition, the CMA intends to be more definitive in specifying the technological implementation of standards, expanding upon the European Banking Authority’s Payments Services Directive 2 (PSD2). These APIs will transform the existing relationship between banks and their customers and raise serious identity assurance and access management challenges.

Third party providers will be able to deliver new and innovative financial and banking ... (read more)