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Article: Opening up banking: the emergence of open banking ecosystems

Money, Open Governance

Opening up banking: the emergence of open banking ecosystems

Modern banking is characterized by fierce competition from fintechs, technology giants and changing customer expectations. Banks are increasingly leveraging technology to modernize themselves and deliver personalized, convenient, and comprehensive products and services to customers.

As such, open banking models are gaining momentum and will most likely be the norm for the sector in the years to come. In fact, studies indicate that open banking users are expected to increase from 18 million in 2019 to 40 million in 2021. The ongoing pandemic is also contributing to the growing acceptance of open banking as end users seek better insights into their overall financial health.

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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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Article: Democratizing AI: Is the future of AI open source

Open Software, Open Source

Democratizing AI: Is the future of AI open source

As an increasing number of businesses realize the benefits of artificial intelligence (AI), the number of solution providers has also grown. According to recent data from Stanford University, AI start-ups have increased by 14 times in the last 20 years.

While this expansion ensures users have access to ever improving technology, it also leads to unprecedented fragmentation and a greater chance of manufacturers buying incompatible solutions. Here Neil Ballinger, head of EMEA at automation parts supplier EU Automation, discusses the role of open source in democratizing AI.

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Article: Open banking: the rise of a new world of finance

Money, Open Governance

Open banking: the rise of a new world of finance

2020 was the year that life’s existing playbook was almost entirely rewritten, as the pandemic swept across the world and societies grappled with what became the ‘new normal’ in almost every facet of life.

The financial services industry was also not immune to these changes. Already at the start of a momentous shift from analogue to digital, and from closed to open — banking’s digital transformation was only propelled further forward by the Covid-19 pandemic. A shift once driven by customer demand for better services, simmering competition and evolving regulatory requirements now became spurred on by the “real” challenge of Covid-19.

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Article: State of Open Banking 2021: Indonesia

Money, Open Governance

State of Open Banking 2021: Indonesia

In this current era of digitalization and personalization, the concept of Open Banking has been rapidly disclosed among experts, and perhaps consumers. The term itself refers to a business model where data can be exchanged in order to be used for various inquiries inside the financial ecosystem.

According to fintecsystems, the starting point of Open Banking goes a long way back to the 1980s when online banking services were made available through dialing. In 2018, Open Banking legal framework was established within the EU’s Payment Services Directive 2 (PSD2). This regulation allows the creation of APIs that enables third-party providers (TPP) to request customers’ data retrieval.

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Article: How far has open banking come in Europe?

Money, Open Governance

How far has open banking come in Europe?

Fintechs can then use that customer’s transaction data for the purposes of budgeting advice, loan approval and various other financial and investment services. 

It is also possible to initiate online payments through open banking, without the customer having to log into their bank account or use a credit/debit card. Although that may sound like a security risk, open banking is implemented in such a way that it is safer than some other forms of banking, with secure authentication for every transaction and no customer payment details retained by merchants. 

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Article: Is the UK becoming the open source capital of Europe?

Free, Libre, Open Software, Open Source

Is the UK becoming the open source capital of Europe?

Open source technology contributes an economic boost of up to £43 billion ($60.22bn) to the UK, according to a new report, which suggests the UK leads Europe in open source development.

The first part of a three-phase report by open source non-profit OpenUK was released this week, assessing the current state of open source in the UK and the country’s position in the global open source landscape.

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Article: OpenUK: UK maintains lead in European open-source contributions

Free, Open Software, Open Source

OpenUK: UK maintains lead in European open-source contributions

Research from OpenUK finds the UK continues to lead in European open-source contributions—delivering up to a £43 billion boost to the economy.OpenUK is a non-profit which aims to develop and sustain UK leadership in open-source software, hardware, and data.

The UK is one of the leading countries for open-source contributors with an estimated 126,000 developers lending their skills to global efforts.

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Article: What is open government?

Open Governance, Politics, Standards

What is open government?

In general terms, an open government is one with high levels of transparency and mechanisms for public scrutiny and oversight in place, with an emphasis on government accountability.

Transparency is considered the traditional hallmark of an open government, meaning that the public should have access to government-held information and be informed of government proceedings. In recent years, however, the definition of open government has expanded to include expectations for increased citizen participation & collaboration in government proceedings through the use of modern, open technologies.

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Article: Op-Ed | Blockchain Can Bring Transparency to Supply Chains

Free, Libre, Open Software, Open Source

Op-Ed | Blockchain Can Bring Transparency to Supply Chains

LONDON, United Kingdom — Every physical object we buy comes with a story: a journey of people, places and materials. But these stories often remain hidden in sprawling, complex supply chains and the information presented to consumers is rarely more than marketing that can mask sad truths.

Now, more and more consumers are demanding genuine transparency on where and how their products are made. Recent regulation in the EU requires companies to publish more information about their supply chains, with measures to ensure adequate punishment for those who do not. But even with increased consumer awareness and new regulation, ensuring the authenticity and transparency of a product’s chain of custody has proven difficult.

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