21 Sep EBA to create Open Banking environment through launch of open forum
The Board of the Euro Banking Association (EBA) has decided to launch an open banking forum where the banks, Fintechs and other stakeholders will exchange their views and experiences on the different issues related to implementing PSD2 and create an Open Banking environment, as per the press release on their portal.
Wolfgang Ehrmann, Chairman of the Euro Banking Association said “The new forum on Open Banking is intended to offer a pan-European platform for dialogue in order to facilitate European solutions that respond to the requirements of the market and the expectations of the regulators.” As per him, the open forum has high potential and the EBA Board also believes that the banks and fintechs across Europe should have a place where discussions on open banking and other aspects can be done. He added that “The Euro Banking Association is pleased to support this open exchange, in line with our pan-European mission and objectives.”
The activities of the forum are expected to develop during the fourth quarter of 2016 and into 2017. The first phase will have discussions on the practical implementation of the Payment Services Directive and related regulatory technical standards. The activities of the Open Banking Forum will be co-moderated by Don Ginsel, Holland FinTech and Gilbert Litcher, Euro Banking Association.
Gilbert Litcher highlighted that “Through the forum, we want to contribute to the industry’s efforts in developing solutions that help to better meet evolving consumer needs regarding the handling of financial transactions and sharing of data, as supported by new innovative technologies and new legislation.” He believes that the industry’s evolution towards Open Banking can only benefit from a broad, Europe-wide dialogue between experts from across the industry and inputs from all interested parties.
Don Ginsel stated that “Digitisation is changing the financial ecosystem, enabling many possibilities to improve financial services. Open Banking is the logical step for banks to take part in this development and work more closely together with Fintechs and deliver better value for the end-customer.” He believes that the open forum will lead to better understanding and successful co-operation in this area.
Read here the original press release from Euro Banking Association!
