Norton Rose Fulbright launches global comparative guide on Open Banking regulation

Global | Press release - Knowledge | Juni 2019

Global law firm Norton Rose Fulbright has launched a comparative guide to help clients understand how open banking is currently regulated across 15 key jurisdictions.

Open banking refers to the use of application programming interfaces to allow consumers to provide third-party businesses – other than their bank – with access to their online financial account data. The aim of open banking is to foster competition and innovation within the financial services industry, resulting in a better banking experience for customers. Open banking also has the potential to transform the global banking landscape.

The guide profiles the different approaches that regulators and industry bodies are taking to facilitate open banking, covering:

What the term “open banking” means in each jurisdiction
Key pieces of legislation that deal with open banking
Requirements concerning third party access and strong customer authentication
Current industry initiatives concerning open banking

The online guide allows clients to build their own comparative reports regarding key regulatory requirements and market-let initiatives across 15 jurisdictions in Africa, Asia Pacific, the Americas, Europe and the Middle East.

Alan Bainbridge, a financial institutions partner at Norton Rose Fulbright, commented:

“Many national regulators are seeking to implement legislation to enable open banking to ensure that customers have access to a wider range of financial services from both incumbents and new market entrants.

“However, the picture across major jurisdictions is not uniform with critical variances in regulatory approaches. Our guide helps clients navigate the complex and emerging legal frameworks for open banking.”

Norton Rose Fulbright has a long history of providing legal and regulatory advice to financial institutions, governments and regulatory authorities, and technology companies, including start-ups and established market leaders.

In March, the firm launched a global payments practice to assist businesses around the world in navigating this rapidly developing area.