Everything you want to know about open banking
By unlocking massive financial data sets, open banking promises much for consumers, businesses and the wider economy. But it’s early days and open banking pioneers must deal with a thicket of overlapping legal issues – payment services regulation, data protection, IP, contracting, third party liability; the balance between privacy and openness. Throw in the challenge of marrying old-school banking systems with slick digital services and it gets pretty complicated.
Our team has been working with open banking innovators from the beginning. We’ve advised some of the very first organisations to successfully deliver services based on open banking APIs. Also, we were chosen to provide legal advice to winning fintech and other technology teams in Nesta’s ‘Open Up Challenge’, a scheme aimed at encouraging the development of next generation open banking apps for small businesses.
The commercial potential of open banking isn’t limited to fintech and other technology vendors. Retailers, the travel industry and of course the whole spectrum of financial service companies can benefit. If you’ve a great idea for a service based around open banking principles, then our specialist lawyers can help you explore all the possibilities of this exciting and evolving new market space.