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Expert Analysis

What Open Banking Has In Store For Wealth Managers

By Neil Warlow (January 2, 2018, 2:05 PM EST) -- From Jan. 1, 2018, the revised Payment Services Directive (PSD2) will apply in the EU, including the U.K. This provides the legal framework for what is known as "open banking," by which payment account providers are required to provide third party access to customer account data. Open banking is intended to encourage competition in the retail banking sector, enabling customers to consent to allowing third parties safe and secure access to their current accounts to either gather transaction data or initiate payments on the customer's behalf....

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