Open Finance in Europe: What is coming and why it matters

Emanuel van Praag () and Eugerta Muçi ()
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Emanuel van Praag: Erasmus University Rotterdam; Kennedy Van der Laan, Postal: Burg. Oudlaan 50, Rotterdam, The Netherlands, https://www.linkedin.com/in/emanuelvanpraag/
Eugerta Muçi: Erasmus University Rotterdam, Postal: Burg. Oudlaan 50, Rotterdam, The Netherlands, https://www.linkedin.com/in/eugerta-muci/

Journal of Financial Transformation, 2023, vol. 57, 94-107

Abstract: Open Finance is a new development in the financial services industry that entails the sharing, access, and reuse of customer (business and consumer) data with customer agreement across, and in order to provide, a wide range of financial services. This article explains a number of use cases of “Open Finance” in order to understand its potential and then discusses some important aspects of this regime, which are still to be decided upon by the legislator. The advantages and disadvantages are explained in order to have a critical view of this development in the financial services industry. The article concludes with a number of recommendations for financial institutions.

Keywords: open finance; open banking; data; data sharing; APIs; financial institutions; third party providers (search for similar items in EconPapers)
JEL-codes: G00 G01 G18 G20 G21 G22 G23 G28 Y10 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1702

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