Nexus Global (IFA Network)’s Post

The Evolution of Open Finance in Europe What you need to know about the evolution of open finance. According to an insightful article on International Banker, key observations regarding the evolution of open finance, particularly in the European and Italian landscapes, include: Digitisation Impact: Digitisation is transforming the demand and supply for financial products and services, compelling financial institutions to invest in innovative technologies and digital payments. Open Finance Ecosystem: Open finance is facilitating wider financial data sharing among players, enriching services tailored to customers' needs and demands. Role of CBI: The consortium company, CBI, has helped develop infrastructures, services, and ecosystems for the banking and financial industry. The landscape of open finance is growing rapidly, driven by digitisation and changing consumer habits. Companies like CBI are playing a crucial role in this evolution, creating services that ultimately extend to a broad set of clients, increasing efficiency and innovation in the marketplace. What other innovations do you see shaping the future of open finance? #OpenFinance #DigitalTransformation #Innovation #Banking #Finance #CBI

Open finance is reshaping the financial services industry, offering new opportunities for data-driven solutions and increased competition. With the EU’s Financial Data Access Regulation (FiDA), firms must act fast to stay ahead in this changing landscape. #OpenFinance #FiDA #FinancialServices #Innovation #EURegulation

Open finance is reshaping the financial services industry, offering new opportunities for data-driven solutions and increased competition. With the EU’s Financial Data Access Regulation (FiDA), firms must act fast to stay ahead in this changing landscape. #OpenFinance #FiDA #FinancialServices #Innovation #EURegulation

Open finance is reshaping the financial services industry, offering new opportunities for data-driven solutions and increased competition. With the EU’s Financial Data Access Regulation (FiDA), firms must act fast to stay ahead in this changing landscape. #OpenFinance #FiDA #FinancialServices #Innovation #EURegulation

Open finance is reshaping the financial services industry, offering new opportunities for data-driven solutions and increased competition. With the EU’s Financial Data Access Regulation (FiDA), firms must act fast to stay ahead in this changing landscape. #OpenFinance #FiDA #FinancialServices #Innovation #EURegulation

Open finance is reshaping the financial services industry, offering new opportunities for data-driven solutions and increased competition. With the EU’s Financial Data Access Regulation (FiDA), firms must act fast to stay ahead in this changing landscape. #OpenFinance #FiDA #FinancialServices #Innovation #EURegulation

🔮 The Future of Finance is Here: Are You Ready for Open Finance? A recent working paper "Building Blocks Supporting Open Finance" by Ivo Jeník, Rafe Mazer, and Maria Fernandez-Vidal, published by CGAP, dives into the exciting potential of open finance to break down barriers and empower everyone. The report highlights key building blocks for a thriving open finance ecosystem: 📀 Widespread digital accounts: Making finance accessible to all. 🧾 Robust digital payment systems: Frictionless transactions for a seamless experience. 🏦 Diverse financial providers: Fostering innovation with a wider range of players. This future-focused approach uses APIs for secure, consent-based data sharing between financial institutions. This can: ♻️ Reduce information asymmetry: No more being left in the dark! Open finance promotes transparency and better decision-making for consumers. 🥷🏼 Combat data poverty: Open finance allows underserved communities to build financial profiles and access the services they deserve. 👉 Download and educate yourself here: https://lnkd.in/gEVdx3bu #OpenBanking #OpenFinance #FinTechDisruption #FutureOfFinance #APIEconomy #ConsumerEmpowerment Dr. Manuel Thomet

It was an honor to take part at the Workshop on fostering financial inclusion through open finance with my esteemed colleague, Dr. Abbas Albasha, in Basel, organized by the Bank for International Settlements – BIS, CGAP and The World Bank. The workshop addressed the following essential topics: 🔹 Designing open finance regimes 🔹 Developing country roadmaps for open finance 🔹 Governance and public-private cooperation 🔹 Inclusive digital infrastructure 🔹 Consumer protection and data protection 🔹 Future innovations in open finance The report titled 'Key Considerations for Open Finance' has been made public at the event. Led by the CGAP in collaboration with the Bank for International Settlements – BIS, International Monetary Fund, United Nations Secretary-General's Special Advocate for Financial Health and The World Bank, the paper precisely outlines how #openfinance can empower customers, enhance competition in the financial sector, catalyze data-driven innovation and improve #financialinclusion with a comprehensive list of considerations: 1. Objectives – Define the desirable policy objectives and how open finance will contribute to them. 2. Process leadership – Recognize the key role of public authorities as well as the need for collaboration. 3. Governance – Set up effective, transparent, and inclusive governance arrangements. 4. Regulation – Implement risk-based and proportionate regulation that clearly determines the rules for customer-permissioned data access. 5.  Oversight and supervision – Guarantee provision of the necessary enforcement powers and resources for oversight of the ecosystem, as well as proportionate supervision of all participants 6. Consumer protection and data protection – Ensure a robust consumer protection and data protection framework is in place. 7. Consumer information and awareness – Facilitate consumers’ awareness and understanding of open finance opportunities and risks. 8. Participation – Enable broad participation of financial services providers. 9. Technical infrastructure and architecture – Encourage the use of standardized application programming interfaces (APIs) and a common architecture. 10.  Pricing – Monitor and influence pricing to support policy objectives. 💡 The workshop provided an extensive amount of practical takeaways which can effectively inform and be utilized by policymakers and regulators as a growing number of jurisdictions are considering, designing or implementing open finance frameworks. Sincere congratulations to the organizers and many thanks for the invitation!

What’s next for Open Finance in the UK?  Our Policy team’s Jago Corry authored a blog exploring ‘What’s next for Open Finance in the UK?’, dissecting expert views from #IFGS2024’s open finance policy roundtable, including discussions on the UK’s developing approach to open finance, and key lessons from other leading digital economies internationally 🌍 Now within a General Election period, this blog unpacks three key areas of consensus from the roundtable’s discussion for the next government to pick up 👇 📃 Market vs regulatory push factors Policymakers have a choice between framing how firms invest in open finance, whether through a universal mandate (‘regulatory push factor’), or firms’ providing access to their data for a fee (‘market push factor’). 💷 The need to showcase clear commercial viability Developing data sets and API stacks must be framed around identified use cases with direct commercial value for firms across the value chain. 🔓 Opening up public sector data sets comes first To initiate open finance use cases, firms across financial services must be granted access to sensitive public sector data sets, including from HM Revenue & Customs (HMRC), the NHS and Companies House. 🔗 You can read the blog at https://lnkd.in/d7YtJdC8 Adam Jackson | Paul Worthington | Michael Carter | Megan Jenkins | Jago Corry | Ellie Hewitt #InnovateFinance #GeneralElection #OpenBanking #OpenFinance #OpenFinanceTaskforce #VoiceOfFinTech

Wrote this short piece below highlighting the key (very challenging) challenges policymakers face when developing the UK's roadmap to implementing open finance. In a nutshell, the government (led by HM Treasury) and regulators must decide the UK's broader 'macro' approach to building the right mix between regulatory and market 'push factors', whilst ensuring innovation leads to use cases which transform the way consumers and businesses manage their finances; subsequently leading to deep commercial interest from investors, incumbents, and (importantly) rising FinTechs.