This post was originally published on Fin Extra
How far along is the financial services industry on the journey from open banking to open finance?
As the drive to digital increases, the barriers to entry lower. What are the modern data architecture changes needed to not just keep up with open, embedded ecosystems, but also increased competition?
What do companies operating under open finance rules need to consider when sharing financial data with third-party providers?
And what are the technical challenges financial institutions are facing in the open era? How can they overcome legacy systems to embrace the open finance revolution?
Regulations like FiDA are adding another layer of complexity. How can institutions unlock the potential of open data while adhering to the highest regulatory standards?
The financial industry has made significant progress in financial data access through open banking and progress will expand beyond payments with regulations like Payment Services Directive 2 (PSD2) to what is explored in the PSR and PSD3. Open banking has marked the beginning of this new era, and now the shift toward open finance is the essential next phase in this transition, with incoming regulations like Financial Data Access (FiDA) covering new areas including mortgages, pensions, investments, and
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