Open banking's financial revolution: are we falling short?
At this event we discussed the potential issues and benefits of open banking
Speakers
Magda Bianco
Director General, Consumer protection and Financial Education, Bank of Italy
Giacomo Calzolari
Professor of Economics , Dean of Research, Editor of European Economy-Bank Regulation, European University Institute
Jan Ceyssens
Head of Digital Finance Unit, European Commission, DG FISMA
Rebecca Christie
Bruegel Senior fellow
Agenda
Lunch
12:30-13:00Agenda
Conversation
13:00-13:45- Chair: Rebecca Christie, Bruegel Senior fellow
- Magda Bianco, Director General, Consumer protection and Financial Education, Bank of Italy
- Giacomo Calzolari, Professor of Economics , Dean of Research, Editor of European Economy-Bank Regulation , European University Institute
- Jan Ceyssens, Head of Digital Finance Unit, European Commission, DG FISMA
Agenda
Q&A
13:45-14:00Open banking is becoming progressively more widespread in the world, with approaches ranging from legislatively mandated (as in the EU) to industry-led voluntary systems (as in the US), with a range of roles for regulators in between. There are several definitions of open banking. It is regarded as a financial ecosystem which provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and nonbank financial institutions using application programming interfaces (APIs). Consumer generated data can therefore be transferred (data portability) or accessed by third parties, with the purpose of increasing competition and innovation, thus benefiting both individuals and society more broadly. However, Open Banking also poses a variety of complications and issues.
At this event, our speakers pinpointed and discussed the ongoing regulatory issues and the impact of open banking on payments, competition in the banking markets and financial inclusion.
The event featured the launch of the issue 1.2023 of "European Economy. Banking, Regulation and the Real Sector".
Public | On the record
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