The world of [open] banking was abuzz last week during the Open Forum on Open Banking in Brussels. Holland FinTech founder Don Ginsel joined the forum to act as co-moderator, and to introduce presentations around the Open Banking concept.
The Open Forum on Open Banking is an on-going programme initiated by the Board of the Euro Banking Association (EBA) in an effort to support and further develop the discussion surrounding Open Banking within the cross-industry and Pan-European scope. It addresses all interested business parties, and seeks to establish better dialogue amongst financial industry players throughout Europe.
The initiative further aims to track relevant new developments, and to tackle the key challenges surrounding the Open Banking concept, such as interoperability, security, and fragmentation. Likewise, it corresponds with the EBA’s push to improve pan-European exchange among industry experts on the latest topics and developments within the sector. The launch represents an important new milestone for the EBA, which boasts a long-standing track record of generating supply-side engagement and contributing to the accomplishment of shared European visions.
In addition to its many other merits, the Open Forum on Open Banking offers an ideal follow-up to other work conducted by the EBA. Thus far, efforts and activities carried out by the EBA have resulted in numerous accomplishments, for instance the development of the Digital Customer Service Interface (DCSI) concept, as well as an insightful selection of research into pertinent topics like the PSD2. To further strengthen the development of this concept, the EBA provided an in-depth analysis in a previously published report on Open APIs and Open Banking.
The results of this evaluation were detailed in a previously published Open Banking report covering the topic, which can be viewed in full here. To view a selection of other research studies that the EBA has published for public use, be sure to visit its Knowledge & Research Portal. The knowledge & insights provided in these publications have already helped to initiate countless new discussions in the industry.
In November 2016, the EBA officially launched this initiative with its inaugural Open Forum on Open Banking event. During the November event, the Association provided an in-depth look into the Proposed Terms of Reference for the forum, the programme mission and two-phased work plan, and the composition and governance of the new initiative. To see presentation slides from the first meeting of the Open Forum on Open Banking initiative, click here.
Looking back at the March 20th Open Forum on Open Banking meeting in Brussels
Fostering better collaboration and cooperation between incumbent players and fresh fintech innovators is among the central aims of the EBA-initiated Open Banking programme. To highlight this effort, the March 20th forum meeting in Brussels was led by a team of co-moderators: Gilbert Lichter (EBA), and Holland FinTech founder and CEO Don Ginsel. Presentations and discussions of the day centred on two critical areas of focus: the revised Payments Services Directive, a.k.a. PSD2, and the Open Banking concept.
To kick off the forum discussion, European Central Bank Head of Market Integration, Helmut Wacket introduced the topic of PSD2, offering insight and expertise around the progress toward its implementation, along with a look into open issues related to PSD2. Several PSD2-related topics were subsequently explored in-depth during the next presentations, which were given by a diverse range of industry experts and practitioners. The second half of the forum event was devoted to the Open Banking concept; and, much like the first half of the day, four presentations were given, offering deeper insights on specific aspects of Open Banking.
For your convenience, the Euro Banking Association has published the presentations from the March 20th Open Forum on Open Banking meeting in Brussels. Below, a brief overview of presentation topics of the day is provided, indicating the title of each presentation, as well as the name, organisation, and title for their presenter(s).
Part One | PSD2
Introduction by European Central Bank Head of Market Integration Helmut Wacket • The progress towards PSD2 implementation and open issues
- Overview of PSD2 and RTS implementation process | Krzystof Zurek, European Commission Financial Services Policy Officer
- Update on the Berlin Group’s standardisation initiative | Oliver Bieser, Deutsche Bank, on behalf of the Berlin Group
- Progress of the work towards a European TPP Directory | John Broxis, PRETA Managing Director
- PSD2 is the XS2 adventure: turning the regulatory burden into a chance for banks | Cornelia Schwertner, Figo GmbH Head of Regulation & Christoph Scheuermann, Figo GmbH Head of Partnerships
Part Two | Open Banking
Introduction by Holland FinTech founder Don Ginsel • Industry developments around the Open Banking concept
- The new normal: payments will orchestrate digital ecosystem management | Christian Bruck, BearingPoint Partner Financial Services
- Beyond PSD2: preparing for a collaborative open API enabled banking economy beyond payments | Stefan Dierckx, Projective CEO and The Glue founder & Bernd Richter, Projective Country Manager
- Open Banking: putting the customer in control | Daniel Szmukler, Euro Banking Association Director
- Routes to market – legal and regulatory considerations for a TPP | Paul Anning, Partner at Osborne Clark Financial Institutions Group