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Announced with fanfare, awaited with great expectations, and "live" for about a year now, Europe's open banking initiative is a flop. And it will continue to fizzle unless some basic changes are made, says Andrej Zujev, the founder of Forbis Group, a Lithuania-based pioneer in IT solutions for the finance industry. He calls for an open debate in the EU on a viable way forward.
The European Union's second Payment Services Directive (PSD2) was meant to eliminate banks' monopoly on their customers' data. That move to "open banking" had to spark a revolution in financial services. It would put smaller, innovative third-party providers (TPPs) of payment initiation and other services on equal footing with the banks, electronic money institutions (EMIs) and so on, with those...
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