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EU Payments Rules Delay Shows Potholes on Road to Open Banking

Sept. 4, 2019, 9:30 AM

The EU’s decision to delay additional open banking requirements highlights the global challenges around creating regulatory frameworks for banks to share customer data with consumer finance apps and other fintech entities.

Governments, banks and financial technology firms around the world have been struggling to come up with ways to open up banks’ internet platforms so that fintechs can access consumers’ data to offer services that banks may not. The process has been dogged by concerns over data security, fraud protection, and compliance costs.

In August, EU regulators granted banks, retailers, payments and fintech companies in the bloc up to 18 ...