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: How can banks respond to the open banking revolution?

Money, Open Governance

How can banks respond to the open banking revolution?

Open banking possibilities are endless, yet many banks are still stuck in the dark ages. It’s time for banks to move with the times. The success of open banking has been widely documented, with more than two million people and small businesses currently using it in the UK.

These services give third-party financial service providers open access to financial data from banks and other financial institutions through Application Programming Interface (API) driven ecosystems. Open banking’s popularity is no surprise considering the benefits it offers customers.

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