The UK’s fintech industry body Innovate Finance has called for the removal of obstacles and more transparent governance in the Open Finance sector.
Issues with the accessing of banking data still remain says a report from Innovate Finance and Boston Consulting Group, citing issues such as outages, bad availability and API request quotas.
Janine Hirt, CEO, Innovate Finance, said: “Open Banking has been a catalyst for innovation in the financial services sector. This is especially the case in the UK where competition and market regulation has resulted in more empowered customers supported by a booming fintech ecosystem.”
Regulation of open banking needs to be “more inclusive and transparent” such as a wider push of variable recurring payments technology along with a framework that is “incentive “....