Article: Finding European synergy in the transition from Open Banking to Open Finance

Money, Open Governance

Finding European synergy in the transition from Open Banking to Open Finance

Pioneering a defined strategy in 2020, the European Commission outlined its intention to adopt a legislative proposal for a new Open Finance Framework by mid-2022. Since its announcement, the Framework has seen significant attention throughout Europe as financial services players speculate the ways in which Open Finance will evolve from its predecessor, Open Banking.

During a Finextra webinar on: ‘The impact on financial services as the EU drives from Open Banking to Open Finance,’ panellists called for cohesion, standardisation and effective regulation enforcing a stronger European ecosystem, where Open Finance can flourish, and where consumers will ultimately reap the financial benefits.

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