Technology continues to be a driving force behind the progression and innovation of the financial services sector. The UK’s Open Banking initiative, coupled with recent legislative changes, will give customers greater clarity, control and ownership of their data, opening the sector to further innovation.
Furthermore, the Second Payment Services Directive (PSD2) and the UK’s Open Banking Platform will both go live on 13 January. PSD2 is a fundamental piece of legislation that will make a significant number of changes to payments and retail banking as a whole: it will increase competition, and foster innovation in a retail finance sector dominated by banks.
There are concerns, however, with how some of these initiatives will impact the security of consumers’ bank account data. Under PSD2, for example, two new strands of third party providers will have direct access to payment accounts: payment initiation services (PIS)and account information services (AIS). Some within the financial services sector have argued that forcing banks to give fintech companies access to customer account data would put the security of this data at risk. Whilst most major banks have stated that they are planning major investments in open banking over the next few years, there are concerns about the growing risk to consumers personal information amid the growing cyber threat.
Building on techUK’s recent whitepaper on Open Banking, From Open Banking to Open Financial Services, published last year, this seminar will explore some of the cyber security related challenges facing the move to Open Banking and assess how we can give customers greater control over their data, whilst giving them greater security.
Join techUK and our panel of experts for a lively debate on these issues.
Panel Chair: Eddie Keal, Client Executive, IBM
- Vishal Bhatnagar, Managing Director, CAST Software, UK
- Seshika Fernando, Head of Financial Solutions, WSO2
- Roderick Hodgson, Secure Chorus
- Andy Lilly, Armour Communications
- Diana Stanescu, Spirent