This session will first discuss the main use cases of open finance in different areas of finance (banking, insurance, capital markets, pensions…), the expected benefits for customers and the opportunities for financial players, the challenges to overcome (e.g. in terms of standardisation, consumer protection, level playing field….) and also the possible risks posed by open finance.
The panel will also discuss the main issues that an EU open finance framework should focus on, how this framework may build on existing EU financial and data legislations and the lessons learned from the PSD2 that may be relevant for a wider open finance framework. The main requirements that should be included in an EU open finance framework will also be identified, as well as the needs in terms of data and API standardisation. Finally, the way the implementation of the open finance framework should be approached and the incentives needed will also be addressed.
Points of discussion
- What are the main use cases of open finance beyond PSD2 payment and account information services ? What are the expected benefits of open finance for individual and business customers and the main opportunities for financial market participants? What are the potential challenges and risks to overcome for implementing effective and safe open finance solutions? What impacts can be expected on financial value chains and the financial market structure and can open finance contribute to enhancing the competitiveness of the EU financial market significantly?
- What are the main issues that an open finance framework should focus on and what should be the scope of the framework in terms of data and activities covered? What are the main lessons learned from PSD2 that may be relevant for an open finance framework? What are the main requirements that should be included in an EU open finance framework? Do existing data frameworks provide an adequate basis for implementing open finance and what are the needs in terms of data and API standardization? How should the implementation of the open finance framework be approached and what incentives may be needed?