White Paper: PSD2 and CMA: What European Open Banking Laws Mean for U.S. Financial Institutions—and Industry Innovation
The standards were enacted to implement open banking in Europe. With a goal of driving innovation in the banking industry, open banking generally requires the traditional leaders among banking institutions to share
customer financial information with specified third-party providers (TPPs)—provided the customer consents. But the new laws likely will have the unintended side effect of weakening the closely guarded relationships these incumbent financial institutions have with their customers. Fintech companies that offer innovative products and services to consumers are likely to benefit, because they could leverage customer financial information to help them lure customers from less data-savvy incumbents.
Read White Paper
Copyright © 2020 by Ballard Spahr LLP.
(No claim to original U.S. government material.)
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.