Data portability in open banking: Privacy and other cross-cutting issues

Oecd

No 348, OECD Digital Economy Papers from OECD Publishing

Abstract: Open banking allows users to access financial information and services through consent-based data portability. This paper brings together the views of private and public experts from a wide variety of countries to explore opportunities and challenges of open banking for financial regulation, privacy protection, and competition. It discusses the different approaches taken by jurisdictions across the globe, and the importance of regulation and standards. While open banking empowers users in sharing and re-using their data across digital services, online platforms, sectors and borders, uncertainty in the interactions with data protection and privacy regimes remains challenging. This paper informs OECD work to consider how cross-sectoral cooperation between financial, competition and data protection authorities could help further open banking.

Date: 2023-02-16
New Economics Papers: this item is included in nep-ban, nep-pay and nep-reg
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Persistent link: https://EconPapers.repec.org/RePEc:oec:stiaab:348-en

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