Open finance and the developments of open infrastructure in retail financial services
Europe began moving towards Open Finance in 2018. PSD2 seeks to drive pan-European competition and innovation by opening up consumer banking data to third parties allowing customers and businesses to take greater control of their finances. The success of this initiative is leading European policymakers to contemplate opening up access to data beyond payment services. Encouraged by the changes in the EU, jurisdictions across the world are now moving at different speeds to accept and encourage Open Finance. This move to Open Finance has emerged thanks to a blurring of lines in financial services, online and mobile applications. Consumers increasingly use technology in different ways and are seeking convenience in the way they use services. The panellists will explore whether the emergence of new technology might increase the take-up of these financial services.
How is open finance working across the EU Single Market?
Who will be the commercial winners from this? Are there any signs that the opening up of bank data to third parties is transforming the banking landscape radically?
Should the approach of PSD2 be expanded to cover other financial sectors? If so, where would consumers benefit most from opening up data to third parties?
With the increasing need to share large datasets between players, how can consumer security and data ownership be ensured in the EU?
Keynote intervention: Olaf Sleijpen
Director and Member of the Executive Board, DNB
“How to make open finance a success: lessons from PSD2”
Keynote intervention: Charlotte Hogg
CEO, VISA EUROPE
“The benefits of global and open payment systems in an open finance world”
Director General of Financial Markets Department, Ministry of Finance of Finland
Head of Unit for Digital Finance, DG FISMA, European Commission
Senior Vice President, Legal & Regulatory, Deputy General Counsel, Paysafe Group
Chief Banking Officer, N26