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Payments & FinTech Lawyer

Open Banking: where are we now?

The biggest change in retail banking in the UK is in full swing. The Open Banking initiative is set to make the market increasingly diverse and competitive, with new companies breaking the mould of the traditional banking business model. In the last few years we have begun to see new mobile-only banks such as Starling and Monzo disrupting the market and attracting digitally savvy consumers. Non-bank service providers such as PayPal are also eating into the marketshare of incumbents when it comes to payments. For these new entrants, Open Banking is an opportunity to provide innovative services, such as developing apps that provide customers with enhanced insight into their spending habits and products. John Salmon, Partner at Hogan Lovells LLP and Member of the Payments & FinTech Lawyer Editorial Board, provides an update on the Open Banking journey so far and explains his view that the way in which the Revised Payment Services Directive has been drafted and the significant amount of time spent debating the draft Regulatory Technical Standards on Strong Customer Authentication has not helped industry obtain a clear picture of what will be required of them.

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