Open Banking, PSD2 and the Cyber Challenges Facing the Financial Services Sector

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

Speakers:

  • 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

 

 

 

 

 

 

 

Share this

FROM SOCIAL MEDIA

Conflict minerals are a huge tech issue for tech and on 29 April we’re running a conference on how businesses from… https://t.co/vuIxKDqSV7
Don't miss the #techUKAnnualDinner on Wed 10 July where you'll hear from our keynote speaker @DCMS_SecOfState - mak… https://t.co/fyMiExG7f2
Fantastic report from @WILDLABSNET @ODIHQ & @OfficeforAI on a Data Trust pilot to aid the fight against the illega… https://t.co/gcAfkp8ROh
Will nation states reach a consensus on responsibly governing cyberspace? How can AI be used responsibly to secure… https://t.co/15cCjar0jo
Congratulations to all of the companies that have been selected for this great initiative. @techUK is pleased to h… https://t.co/dSC9vKSXG0
With climate activism in the news we're holding a workshop w/ @thecarbontrust looking at how tech firms can set amb… https://t.co/DJbOWuDDCJ
@dstlmod launches first SME Searchlight event looking at Radio-Frequency systems. For more info and to register: https://t.co/ZSy2fpHCVF
We were pleased to host the last digital buying community @gov_procurement, the next meetup on 02 May hits the Nort… https://t.co/oqlnDGbMT5
Become a Member
×

Become a techUK Member

By becoming a techUK member we will help you grow through:

Click here to learn more...