Open banking is a silent revolution transforming the banking industry. It is the manifestation of the revolution of consumer technology in banking and will dramatically change not only how we bank, but also the world of finance and how we interact with it. Since the United Kingdom along with the rest of the European Union adopted rules requiring banks to share customer data to improve competition in the banking sector, a wave of countries from Asia to Africa to the Americas have adopted various forms of their own open banking regimes. Among Basel Committee jurisdictions, at least fifteen jurisdictions have some form of open banking, and this number does not even include the many jurisdictions outside the Basel Committee membership with open banking activities. Although U.S. banks and market participants have been sharing customer-permissioned data for the past twenty years and there have been recent policy discussions, such as the Obama administration's failed Consumer Data
Privacy Bill and the Data Aggregation Principles of the Consumer Financial Protection Bureau, open banking is still a little-known concept among consumers and policymakers in the States. This book defines the concept of 'open banking' and explores key legal, policy, and economic questions raised by open banking.
Industry Reviews
"Over the past three years we have built a world-leading open banking infrastructure in the UK. With morethan four million consumers and businesses actively using open banking enabled products, over 300regulated companies operating in this space and another 450 looking to enter the market, momentum ison our side and it's a very exciting time to join our thriving open banking ecosystem." -- Charlotte Crosswell, Chair and Trustee, United Kingdom's Open
BankingImplementation Entity
"The rapidly developing world of open banking needs the combination of academic, technological and practical thought which is so clearly the focus of this leading work. I am very much looking forward to reading this book, and the discussion and further work which it will certainly inspire." -- Scott Farrell, chair of the Australian Government's review into Open Banking in Australia
"Linda Jeng is a first-rate mind, and someone who has been a key architect of current analysis of the global financial system. 'Open Banking' is a timely addition to the current deliberations in both the public and private sector. As we look to building the next generations of finance using Artificial Intelligence, Digital Assets and other new technologies, this work is a welcome addition to critical thinking on the subject." -- Sultan Meghji, Co-founder and
former Chief Executive Officer of Neocova
"This book assembles an all-star cast of experts on financial technology who bring you to the front lines of policy debate. The project delivers insights into a complex web of questions that all arise from a simple one: Who owns your financial data?" -- Victoria Guida, POLITICO
"In the short period of time since the Basel Committee published its 2019 report on Open Banking -- an effort led by Linda Jeng, open banking has continued to rapidly evolve and expand, taking on even greater importance on a global scale. From data privacy, data protection, and data portability to fraud, economics, antitrust/competition and AI/ML, open banking is a complex, multifaceted topic. It is also an international subject with different jurisdictional
perspectives. This volume compiles contributions on all of these topics from experts in their respective fields. It is an invaluable resource and guide for practitioners, regulators, market participants
and the many other stakeholders having an interest in open banking." -- Bill Coen, Former Secretary General, Basel Committee on Banking Supervision
"Open Banking takes the reader on a journey through the complex policy, economic, legal, regulatory, and ethical questions that open banking raises. Drawing on the world's leading experts, the book is a first of its kind in describing and reviewing how countries around the world are answering the questions that open banking raises. It is an indispensable guide for all those that want to understand and study open banking, that are called on to develop
policy and regulation on open banking questions and for professionals and companies that engage in open banking and finance, be it as a data source or as a data user." -- Peter Kerstens, European Commission
