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UK’s Open Banking Project Expanded

Open Banking Standards to Expand Functionality and Cover all PSD2 Products

The Open Banking Implementation Entity (OBIE), the body set up by the Competition & Markets Authority (CMA) to enable a new, secure way for customers to take control of their financial data and share it with organisations other than their banks, today announces a series of important enhancements to its original scope as set out in the CMA Order (published in August 2016).

As referenced in the Chancellor of the Exchequer’s Autumn Budget today, the OBIE has now been asked by the CMA9 and Her Majesty’s Treasury to create open banking standards for all payment account types covered by the European Union’s second Payments Services Directive (PSD2). This means customers using credit cards, e-wallets and prepaid cards will also be able to take advantage of open banking services. In parallel, the CMA has today approved amendments to the agreed arrangements under the CMA Order, to include a programme of enhancements to ensure that Open Banking delivers maximum benefits for retail customers and SMEs. read more

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RTS deadline

The Regulatory and Technical Standards (RTS) of PSD2 have been published in the Journal of the EU. This starts the clock on an 18 month compliance timescale, meaning that RTS will be in force on =&0=&. The publication can be viewed here.
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FDATA WELCOMES THE START OF OPEN BANKING

Leading fintech trade association calls launch “the first waypoint on a long journey”

The Financial Data and Technology Association, the leading advocate of open banking in the UK and around the world, has welcomed the parallel implementation of PSD2 across Europe, and the launch of Open Banking amongst the large banks here in the UK.

FDATA, which is chaired by Gavin Littlejohn, who represents the fintech industry on the Open Banking Implementation Entity Steering Group, was set up by six fintech companies in 2014 at the request of HM Treasury, and has been working directly with government, regulatory authorities and financial industry stakeholders in our mission to open up Britain’s financial sector to the benefits of financial data and technology. read more

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Open Banking 2020-2030 Summit

FDATA is hosting a Summit in December to chart the Open Banking journey to 2030.

Open banking is the midwife of innovation. It is driving innovation at a breathtaking rate. The consumer tools of the future have not yet been invented. This is the fintech revolution in action. But the journey is long, and we’ve barely left the start line. So where do we go next? How do we get there? What scope of data can we expect to access? What technology will take us there? How can we bring the whole world along for the ride? And what will open banking in 2030 look like? read more

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Fintech Connect Live 2017

Fintech Connect Live 2017: 6-7 December

FDATA is delighted to be a media partner of Fintech Connect Live 2017 taking place on the 6 and 7 December at Excel London.

Combining the hustle and bustle of an exhibition featuring over 3000 visitors, and 200 exhibitors and partners from over 50 countries, FinTech Connect Live is the UK’s largest fintech event. Playing host to four strategic conference sessions with inspirational case studies from around the world, a technology buyers theatre with 50 product demos, 12 educational workshops tackling practical fast growth challenges, and two full days of dedicated mentoring clinics for start up leaders, all brought to you from over 300 of the industries finest speakers, FinTech Connect Live is the ‘must have ticket’ for stakeholders from across the full fintech eco-system. read more

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