The global digital payments market is booming – with standardisation and new open data regulation playing no small part in the rapid growth. Banks, however, seem to be struggling to keep up with big tech competition in the payments industry. The 2019 Capgemini World Payments Report shows non-cash payments growing rapidly, particularly in developing markets […]
Managing access to personal data is a central question in many aspects of the global economy and at the forefront of many debates on a host of issues. Not least in payments.
Europe is pushing in two directions on payments infrastructure: making it easier to access, while strictly restricting access to authorised entities. The “Payments Services Directive (PSD2)” is opening up access to authorised groups, through Open Banking APIs. At the same time, the privacy provisions that define who can access what have been greatly tightened. Confused? Well, this week the European Banking Authority launched its central register of the thousands of payment and electronic money institutions operating under PSD2. Perhaps it might help.
Last week Canada took the next step towards following the UK, Europe and much of the world into open banking with the publication of a review into the merits of standards and consistent controls in this area. Currently, the data which Canadians create through day-to-day banking transactions are controlled by the financial institutions they bank with. As […]
The future of banks was debated at Sibos this week, as a panel asked: “As non-bank entities gain ever-greater access to customers and their data, how can banks stay relevant?”
Do you use a bank website or app? Does it meet your needs and expectations? Is it easy to use? Does it combine data from multiple sources in order to provide you with valuable insights about your personal or business finances? Thought not. That’s the insight that has given rise to the Open Banking initiative […]