PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

It’s My Data, and I’ll Share If I Wanna…

By Joseph Walent
January 10, 2018
in Analysts Coverage
0
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Payments

Payments

The immediate impact of Open Banking will be less of a torrent of activity and more of a gradual opening flow of information. “Go-live” for many of the regulations are scheduled for this week and next week, but the extent that market participants are able to fully comply remains an open question. However, what is not in question is the shift in direct control consumers will be able to exercise over the sharing of their own transactional history and the updates. What this hold for consumers was summarized by the author of the article thusly:

To get financial guidance under the current system, consumers and businesses alike are required to hand over confidential banking information to each unique price comparison or advisory website, and this requires the process of signing in through your banking service. From that point onwards, you are essentially allowing a third-party to access your data, then act on your behalf when searching for deals.

Open banking cuts the red tape and streamlines everything into one comprehensive service. This opens the door for innovative and agile new companies, especially those with a focus on technology, to build entirely new services which put the consumer at the centre, rather than the financial institution.

Mercator Advisory Group will be closely following the development I n the market as established FIs incorporate standardized sharing to consumer data at the customer’s behest with regulated third-party financial service providers. The proverbial other shoe to drop will be the General Data Protection Regulation (GDPR) that will be going into effect in May. FIs and the third-party financial service providers will be aiming to both ensure that directions to share data freely are adhered to while also respecting the need to protect and contain consumers’ data for those individuals that wish to remain private. At its core the developments in the EU in 1H18 will serve as a laboratory for individual control over personal financial data, and Asian and Western Hemisphere governments will be watching the experiment closely.\

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

Read the quoted story here

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Open BankingPersonal Data

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    supply chain payments

    The Payment Process: The Supply Chain’s Most Overlooked Cyber Risk

    July 17, 2025
    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    July 16, 2025
    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025
    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result