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Portugal has taken a major step towards Open Banking after local payments processor Sibs launched an...
Open Banking came into effect in January 2018 with the implementation of the Second Payments Services Directive (PSD2) in the UK. At first this was heralded as the end of traditional incumbent banking. The threat of external aggregators seemed real and urgent.
When the Competition and Markets Authority introduced open banking over 18 months ago, it promised to be a revolutionary development for the consumer, breaking the data advantage enjoyed by the big banks and catalysing innovation.
Australia’s prime minister, Scott Morrison, and various senior figures in the fintech industry have hailed the passage of the consumer data right law through parliament, contending that the new Open Banking regime will shake up competition for consumers and boost start-ups against the big banks.
The Australian Government has passed new legislation on consumer data rights, paving the way for the introduction of Open Banking.
Ernst & Young (EY) has finalised arrangements with Open Banking Nigeria to develop and advocate for a standard API for the country’s financial services industry.