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Payments & FinTech Lawyer

Open Banking: A remedy against monopolies in data?

Ana Botin, the Executive Chairman of Santander, expressed her view that Europeís payments rules are unfair because the requirements that force banks to provide third party access to customer data are not similarly imposed on the large technology companies that will benefit from Open Banking in an article published by the Financial Times on 17 April 2018. Dave Birch, Member of the Payments & FinTech Lawyer Editorial Board, shares Botinís concerns, and in this opinion piece shares his thoughts on the potential for the Open Banking model to be used as a remedy against monopolies in data.

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