Open banking is a banking practice designed to give consumers greater control over their financial data. It enables a wider banking ecosystem, including banks, online retailers and fintech providers, to share current account information and make and receive payments directly from a current account easily and securely. PWC estimates that the open banking market will be worth over Stg£7.2 billion by 2022.
Despite this optimism, there are questions about whether open banking has been a success or a failure to date. In this episode of dotLAB Radio, John Heaton-Armstrong, Chief Information Security Officer at Account Technologies and an expert on Open Banking, gives us:
• The background to Open Banking
• How it was expected to change the banking and payments industry
• Whether that expectation has been met.
About John Heaton-Armstrong:
John has an extensive background in financial services, across both commercial and retail domains. Having worked at the forefront of open banking since its inception, John is recognised as a leading expert on the technologies and regulation which underpin this new development in retail banking, and has authored a range of articles covering the key issues. John is a member of the OpenID Foundation and its Financial API (FAPI) Working Group, having overseen the implementation of this security standard across the UK whilst working with the Open Banking Implementation Entity. He has advised regulators, banks and payment institutions in the UK, Europe and Australasia.