Beyond COVID-19: Crisis response or road to recovery?
Crisis response or road to recovery?
Since open banking was first implemented in the UK through the PSD2 and the Open Banking Standard in 2018, jurisdictions around the world have begun to adopt their own approaches, and the concept has really started to gain momentum internationally over the past year.
Going beyond open banking, we are also beginning to hear talk of open finance, which would expand the concept of open banking beyond bank accounts to, for example, savings, pensions, insurance and mortgages. This would have a much broader impact on the financial services industry, bringing challenges and opportunities alike.
Working with our colleagues across the globe, we have produced a comparative guide to open banking as part of our NRF Institute, to help our clients understand how open banking is being treated in key jurisdictions and the different approaches to implementation.
You can use the guide to
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As the world begins to emerge from lockdown, businesses are having to make enormous adjustments because of the challenges created by COVID-19.