European Banking Professionals Enthusiastic about the Future of Open Banking

210 banking professionals met in Brussels last week to discuss the future of ‘open banking’ regulation as part of Vlerick Business School’s ongoing ‘Fintech Futures’ series.

The event, organised by the school’s Centre for Financial Services, saw professionals from across Europe discuss innovation in fintech, and specifically the European Commission’s forthcoming Payment Services Directive, ‘PSD2’.

Issues covered included:

• How to support innovation in Open Banking
• How to increase consumer protection
• How to create a clear value chain for consumers

Tine Holvoet, from Vlerick’s Centre for Financial Services, organised the event and says, “Improving payment services through open banking is one of the main issues at play in fintech – but it is more than simply launching a new app. How this new market is regulated will play an important role in determining how successfully open banking can challenge the status quo and provide a better, cheaper service for consumers.”

“PSD2 is due to be rolled out from 13^th January 2018 and, implemented correctly, it should support innovation, ensure fair competition and enhance the security of payments for consumers”, she adds.

Maarten Verboven, Head of Product and Channel Management at Hello Bank!, attended the Fintech Futures event and says that the industry should embrace PSD2, “Banks are in an excellent position to use fintech innovations to explore new markets. Open Banking means we can offer new products and services to a young, dynamic community in the most seamless way possible.”