Divergent Paths To Open Banking In UK And US

Law360 (November 6, 2020, 5:39 PM EST) -- Consumers' rights to access and use their personal financial information has been a key focus of innovators and regulators over the past decade.

The development of so-called open banking fintech models has proliferated, as customers discover the value in allowing third-party financial service providers to access dispersed personal data through the use of either credential sharing and screen-scraping or application programming interfaces, which allow systems and applications to communicate in a more prescribed way without credential sharing.

Historically, banks have monopolized access to customer account data. The bank-customer relationship has been a private one governed by one-sided terms and conditions, with...

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