How banks are getting around open banking and PSD2
Banks are scared. They’ve seen the rise of the new world of open APIs, apps and analytics and know that their organisations are not yet ready or fit to change to that world. What to do?
Well, the easiest thing to do is to block access to the bank’s data. If third party FinTech firms cannot get access to the customer’s financial data, then you can severely limit what they can do.
In the USA, there is a move by the big banks to get Washington to outlaw access to bank data based on security. The only person who should access bank data is the customer, the banks bleat. That would kill the industry as the likes of Venmo, LendUp and Betterment would be shut down.
Read more: https://thefinanser.com/2017/02/banks-getting-around-open-banking-psd2.html/