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Open Banking

Open Banking
Author: Francesco De Pascalis
Publisher:
Total Pages: 0
Release: 2024
Genre: Business & Economics
ISBN: 9781032363196
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"Open banking ends the proprietary control of customer information by banks and allows customers to share their banking financial data with third parties as a matter of right. It can also permit customers to allow others to remove funds direct from their bank accounts in return for goods and services. All of this is done securely with standardised 'application programming interfaces' (APIs). Open banking has developed in different ways and with different objectives across the globe. This book examines the empowering and enabling regulations that facilitate all this. This book compares a number of different open banking national strategies. These range from the focus of the UK and EU on enhanced competition to the more collaborative approaches in many East Asian jurisdictions. It also looks at the use of open banking for socio-economic purpose in Brazil and India. Here open banking forms part of a wider government programme to increase financial inclusion coupled with encouraging economic growth. This book will be valuable for fintech companies, policymakers and financial services regulators. Its overarching aim is to demonstrate the possibilities and challenges of open banking and how it is changing lives across the world"--

Open Banking

Open Banking
Author: Linda Jeng
Publisher: Oxford University Press
Total Pages: 345
Release: 2022-01-07
Genre: Law
ISBN: 0197582893
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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.

Open Banking and Regulation

Open Banking and Regulation
Author: Rob Babin
Publisher:
Total Pages: 0
Release: 2022
Genre: Banks and banking
ISBN: 9781071926277
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Open Banking allows consumers to take advantage of data-driven financial services by sharing data held at one organization with another organization, typically between financial institutions and trusted third parties. Open Banking is consumer controlled, secure, and protects privacy. These new services represent an innovative and growing market. Clear and fair rules, industry coordination, and technical standards are needed to avoid fragmentation and to build a robust market that serves all consumers and Small and Medium Enterprises. International developments in jurisdictions such as the UK and Australia have demonstrated the expected benefits that Open Banking can deliver to consumers. The challenge to governments in North America is to adopt a consistent framework that provides the security and protections consumers need while at the same time providing flexibility for innovation and streamlining of banking services using the Open Banking model. A key question for implementation of Open Banking will be the balance of activity and involvement between government and the private sector. An unbalanced Open Banking model will likely fail; a balanced Open Banking model can bring tremendous value to society. This teaching case asks students to first understand the benefits and challenges of Open Banking for many stakeholders, and then to recommend on how to proceed (or not) with implementation. The case is written from a North American perspective, that is, the USA and Canada.

Regulating Open Banking

Regulating Open Banking
Author: Chang-Hsien Tsai
Publisher: Taylor & Francis
Total Pages: 69
Release: 2022-11-29
Genre: Business & Economics
ISBN: 1000837017
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FinTech transformations have brought changes to the global financial markets and merit the attention of financial regulators across jurisdictions. This book is one of the first ones of its kind to look at open banking (OB). It examines regulatory approaches to OB by taking a broad view of comparative legal systems and through perspectives of transaction costs, public choice, and institutional design. The book looks at the legal implications by engaging in a two-tiered comparative analysis: comparing between compulsory and voluntary approaches to OB policies and comparing the legal systems between the West (i.e., the EU and the UK) and an Asian economy (i.e., Taiwan).

Technical Note on Open Banking

Technical Note on Open Banking
Author: World Bank
Publisher:
Total Pages:
Release: 2022
Genre:
ISBN:
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Open banking has emerged strongly in the past few years as a system to give customers the right to share with parties they trust the information that banks have about them in a secure manner and also as a way to open up processes and services in banking. The main objectives pursued by regulatory frameworks that define open banking are generally encouraging innovation and fostering competition, resulting in new products and services at competitive prices to the benefit of consumers. With that in mind, and with the United Kingdom as a first mover, different regulatory approaches have been developed. Some of them are regulatory driven, while in other cases, with a hands-off approach, they have been led by industry. In between, we also find collaborative models in which both the public sector and private-party players are instrumental to the definition and adoption of open banking. Regulatory approaches also differ in the scope of data that is to be shared, the definition of the financial institutions that have to publish their application programming inter-faces and share data, the mandatory or voluntary nature of the framework, the definition of the type of license that third-party providers need to operate, and the definition or not of concrete standards, among other things. While there is no single right approach, there are common challenges that countries considering regulation certainly need to bear in mind in terms of the definition and interoperability of technical standards, security, governance, and consent and authentication mechanisms. Although open-banking regulatory frameworks have been operating for less than two years at most, early lessons can be drawn from the first movers and the debates that are taking place between regulators and market participants.

The Prudential Regulation of Banks

The Prudential Regulation of Banks
Author: Mathias Dewatripont
Publisher:
Total Pages: 0
Release: 1994-12
Genre: Banking law
ISBN: 9780262513869
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The Prudential Regulation of Banks applies modern economic theory to prudential regulation of financial intermediaries. Dewatripont and Tirole tackle the key problem of providing the right incentives to management in banks by looking at how external intervention by claimholders (holders of equity or debt) affects managerial incentives and how that intervention might ideally be implemented. Their primary focus is the regulation of commercial banks and S&Ls, but many of the implications of their theory are also valid for other intermediaries such as insurance companies, pension funds, and securities funds. Observing that the main concern of the regulation of intermediaries is solvency (the relation between equity, debt, and asset riskiness), the authors provide institutional background and develop a case for regulation as performing the monitoring functions (screening, auditing, convenant writing, and intervention) that dispersed depositors are unable or unwilling to perform. They also illustrate the dangers of regulatory failure in a summary of the S&L crisis of the 1980s. Following a survey of banking theory, Dewatripont and Tirole develop their model of the capital structure of banks and show how optimal regulation can be achieved using capital adequacy requirements and external intervention when banks are violated. They explain how regulation can be designed to minimize risks of accounting manipulations and to insulate bank managers from macroeconomic shocks, which are beyond their control. Finally, they provide a detailed evaluation of the existing regulation and of potential alternatives, such as rating agencies, private deposit insurance, and large private depositors. They show that these reforms are, at best, a complement, rather than a substitute, to the existing regulation which combines capital ratios with external intervention in case of insolvency. The Prudential Regulation of Banks is part of the Walras Pareto Lectures, from the Universiy of Lausanne.

Banking on Data

Banking on Data
Author: Scott Farrell
Publisher: Kluwer Law International B.V.
Total Pages: 258
Release: 2023-03-09
Genre: Law
ISBN: 940353186X
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International Banking and Finance Law Series, Volume 37 Despite open banking’s broad emergence in a variety of jurisdictions and the ambition shared for the benefits it is to deliver, there is a distinct lack of detailed analysis of the legal features which are needed for it to be effectively established. This indispensable study is the first to analyse open banking’s legal foundations by reference to banking law rather than to privacy law or competition law. With a detailed focus on the mature open banking systems of Australia and the United Kingdom, including Australia’s Consumer Data Right, the book’s thoroughgoing legal perspective provides a comprehensive framework which can be used to evaluate and design open banking in any jurisdiction. The presentation proceeds through a comparison of the legal rights, responsibilities, and relationships under open banking systems with equivalent rights in traditional banking payment systems. This process clearly reveals and addresses such salient open banking and data-sharing issues as the following: what data should be shareable and who should be required to share data; how data should be shared and how rights to share data should be established; the role of data minimisation and the role of consent; how laws, standards, rules, and technology interact in an open banking system; how open banking fosters competition, innovation, and financial inclusion; how consumer protection can be included by design; management of quality and security of shared data; facilitation and regulation of participation; legal relationships and allocation of liability among participants; compensation for customers if something goes wrong; strategic challenges and opportunities; enforceability and insolvency; systemic efficacy and safety; and the role of trust. Also included is an assessment framework designed to categorise the risks which arise in open banking and other data-sharing systems. As a systematic appraisal of how banking law can be used to ensure the customer autonomy, data portability, recipient accountability and participant connectivity promised by open banking systems, the book’s legal perspective on the value of customer data will prove of inestimable value for lawyers in banking and finance, as well as for professionals in financial services or information technology.

Bank Regulation, Risk Management, and Compliance

Bank Regulation, Risk Management, and Compliance
Author: Alexander Dill
Publisher: Taylor & Francis
Total Pages: 327
Release: 2019-10-01
Genre: Law
ISBN: 1000702731
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Bank Regulation, Risk Management, and Compliance is a concise yet comprehensive treatment of the primary areas of US banking regulation – micro-prudential, macroprudential, financial consumer protection, and AML/CFT regulation – and their associated risk management and compliance systems. The book’s focus is the US, but its prolific use of standards published by the Basel Committee on Banking Supervision and frequent comparisons with UK and EU versions of US regulation offer a broad perspective on global bank regulation and expectations for internal governance. The book establishes a conceptual framework that helps readers to understand bank regulators’ expectations for the risk management and compliance functions. Informed by the author’s experience at a major credit rating agency in helping to design and implement a ratings compliance system, it explains how the banking business model, through credit extension and credit intermediation, creates the principal risks that regulation is designed to mitigate: credit, interest rate, market, and operational risk, and, more broadly, systemic risk. The book covers, in a single volume, the four areas of bank regulation and supervision and the associated regulatory expectations and firms’ governance systems. Readers desiring to study the subject in a unified manner have needed to separately consult specialized treatments of their areas of interest, resulting in a fragmented grasp of the subject matter. Banking regulation has a cohesive unity due in large part to national authorities’ agreement to follow global standards and to the homogenizing effects of the integrated global financial markets. The book is designed for legal, risk, and compliance banking professionals; students in law, business, and other finance-related graduate programs; and finance professionals generally who want a reference book on bank regulation, risk management, and compliance. It can serve both as a primer for entry-level finance professionals and as a reference guide for seasoned risk and compliance officials, senior management, and regulators and other policymakers. Although the book’s focus is bank regulation, its coverage of corporate governance, risk management, compliance, and management of conflicts of interest in financial institutions has broad application in other financial services sectors. Chapter 6 of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.

FinTech

FinTech
Author: Jelena Madir
Publisher: Edward Elgar Publishing
Total Pages: 719
Release: 2024-05-02
Genre: Law
ISBN: 1035314754
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This fully revised and updated third edition provides a practical examination of legal and regulatory issues in FinTech, a sector whose rapid rise in recent years has produced opportunities for innovation but has also raised new challenges. Featuring insights from over 40 experts from 10 countries, this book analyses the statutory aspects of technology-enabled developments in banking and considers the impact these changes will have on the legal profession.

The Palgrave Handbook of Technological Finance

The Palgrave Handbook of Technological Finance
Author: Raghavendra Rau
Publisher: Springer Nature
Total Pages: 888
Release: 2021-09-09
Genre: Business & Economics
ISBN: 3030651177
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This handbook provides the first comprehensive overview of the fast-evolving alternative finance space and makes a timely and in-depth contribution to the literature in this area. Bringing together expert contributions in the field from both practitioners and academics, in one of the most dynamic parts of the financial sector, it provides a solid reference for this exciting discipline. Divided into six parts, Section 1 presents a high-level overview of the technologically-enabled finance space. It also offers a historical perspective on technological finance models and outlines different business models. Section 2 analyses digital currencies including guides to bitcoins, other cryptocurrencies, and blockchains. Section 3 addresses alternative payment systems such as digital money and asset tokenization. Section 4 deals with crowdfunding models from both a theoretical perspective and from a regulatory perspective. Section 5 discusses data-driven business models and includes a discussion of neural networks and deep learning. Finally, Section 6 discusses welfare implications of the technological finance revolution. This collection highlights the most current developments to date and the state-of-the-art in alternative finance, while also indicating areas of further potential. Acting as a roadmap for future research in this innovative and promising area of finance, this handbook is a solid reference work for academics and students whilst also appealing to industry practitioners, businesses and policy-makers.