Skip to main content

PSD2 | A revolutionary framework opening up UK payments | Osborne Clarke

xxx

"The scope of the CMA’s retail banking order is narrower than the access requirements under PSD2, but it is envisaged that the Open Banking API will serve as a means of providing a standardised PSD2-compliant access interface. To this end, we note the proposed extension of the CMA9 specification for Open Banking APIs from personal and business accounts, to all the payment accounts covered by PSD2, i.e. credit cards, e-money wallets and some types of online savings accounts, as well as voluntary participation by other non-CMA9 ASPSPs."

From "PSD2 | A revolutionary framework opening up UK payments | Osborne Clarke".

When I took part in the judging of the NESTA Open Up Challenge, I noted that it was a common complaint from innovators developing new financial services that the open banking provisions did not cover credit cards (which is needed to establish credit references and history) and did not extend beyond the “CMA9” so this proposed extension is good news on two counts.

Comments

Post a Comment

Popular posts from this blog

We could fix mobile security, you know. We don't, but we could

Earlier in the week I blogged about mobile banking security , and I said that in design terms it is best to assume that the internet is in the hands of your enemies. In case you think I was exaggerating… The thieves also provided “free” wireless connections in public places to secretly mine users’ personal information. From Gone in minutes: Chinese cybertheft gangs mine smartphones for bank card data | South China Morning Post Personally, I always use an SSL VPN when connected by wifi (even at home!) but I doubt that most people would ever go to this trouble or take the time to configure a VPN and such like. Anyway, the point is that the internet isn’t secure. And actually SMS isn’t much better, which is why it shouldn’t really be used for securing anything as important as home banking. The report also described how gangs stole mobile security codes – which banks automatically send to card holders’ registered mobile phones to verify online transactions – by using either a Trojan...
Post a Comment
Read more