What Is Open Banking & Why Does It Matter?
May 21, 2019
What is Open Banking?
Open banking, in a nutshell, is a series of laws and regulations that requires the UK’s 9 biggest banks to publicly release all of their financial and transactional data in a standardized format. The Competition Markets Authority(CMA) has driven these changes to fit alongside the same new European regulation called the ‘Payment services Directive 2 (PSD2)’.
The…