Open Banking

Open banking is a revolution in the banking industry driven by consumer technology, leading to increased competition and innovation. It has been adopted by countries worldwide, with at least fifteen Basel Committee jurisdictions having some form of open banking. Despite the presence of U.S. banks and market participants sharing customer-permissioned data, open banking is still a relatively unknown concept among consumers and policymakers in the States. This book defines open banking and explores its legal, policy, and economic implications.

Format: Hardback
Length: 256 pages
Publication date: 29 April 2022
Publisher: Oxford University Press Inc

The banking industry is undergoing a profound transformation through the silent revolution of open banking. This transformative force is a result of the revolution in consumer technology that is reshaping the financial landscape. Open banking is poised to revolutionize not only our banking practices but also the broader world of finance and our interactions with it.

The concept of open banking has gained significant momentum since the United Kingdom and the European Union implemented rules mandating banks to share customer data in order to enhance competition within the banking sector. As a result, a wave of countries across Asia, Africa, and the Americas has adopted various forms of open banking regimes.

Among the Basel Committee, at least fifteen jurisdictions have some form of open banking in place. However, this number excludes the numerous jurisdictions outside the Basel Committee membership that are also actively engaged in open banking activities.

While U.S. banks and market participants have been sharing customer-permissioned data for the past two decades, the concept of open banking remains relatively unknown among consumers and policymakers in the United States. Despite recent policy discussions, such as the Obama administration's failed Consumer Data Privacy Bill and the Data Aggregation Principles of the Consumer Financial Protection Bureau, open banking is still in its early stages of development in the States.

This book aims to provide a comprehensive definition of open banking and explore the critical legal, policy, and economic issues that arise from this emerging phenomenon. By examining the potential benefits and challenges of open banking, we can gain a deeper understanding of how it can shape the future of finance and improve the financial well-being of individuals and businesses alike.

Dimension: 254 x 178 (mm)
ISBN-13: 9780197582879