It’s likely that you’ve heard the term ‘open banking’ in recent months. Similar to blockchain, open banking has become the UK’s latest buzzword, with many jumping on the hype but not truly understanding what it entails.
Since the UK has been implementing open banking in the last couple of years, many of the major banks in the UK have started this process much sooner than the EU. However, with the new open banking European Directive, PSD2 (Revised Payment Service Directive) coming on March 14th, the pressure will be on beyond Britain. The UK will likely be much further ahead in the adoption process, and the EU might use the UK’s open banking framework as an example for the rest of the EU.