City Pushes For Tougher Oversight Of Open Banking Boom

By Najiyya Budaly (November 23, 2021, 2:54 PM GMT) -- Britain's financial sector has floated plans to toughen governance of payments facilitated by firms that are not traditional banks after consumers' use of open banking has boomed since it was introduced in 2018.

UK Finance, which represents approximately 300 firms in the sector, called on Monday for the development of open banking payment standards, which it says would be governed by the industry and a technical group.

The open banking rules, which were introduced in 2018, allow firms that are not banks to have access to customers' accounts to allow them to initiate payments, in a move to increase competition in the...

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