Implementation of Open Banking Protocols Around the World

Tania Ziegler ()
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Tania Ziegler: University of Cambridge

A chapter in The Palgrave Handbook of Technological Finance, 2021, pp 751-779 from Springer

Abstract: Abstract Open Banking seeks to increase competition and customer choice, disrupting the incumbent banking sector and empowering individual and business consumers to own and dictate the use of their financial data. By utilizing technology to rebalance markets in favour of consumers, such initiatives allow customers to securely share their data to third party providers (TPPs). Open Banking has captured the attention of regulators globally, with many countries exploring how such programmes might be pursued. Implementation must be measured against the existing statutory objectives and mandates of the regulating body tasked with an Open Banking intervention; namely Competition, Market Integrity, and Consumer Protection objectives. Challenges that arise in implementation include setting key technical and user standards; determining minimally viable operational guidelines; deciding upon which authorized entities can participate; ensuring consumer protection and dispute resolution; and effective monitoring of new API protocols. In this chapter, I explore international Open Banking initiatives and implementations occurring in such jurisdictions as the UK, Australia, Hong Kong, Singapore, Brazil, and Mexico.

Keywords: Open Banking; APIs; Open API; Data attribute providers; Open Banking implementation; Entity; Third-party providers; Financial technology (FinTech); Competition; Consumer protection; Market integrity; PSD2 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-65117-6_27

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DOI: 10.1007/978-3-030-65117-6_27

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