1. PSD2 (EU)2. Open Banking (UK)3. Fintech Law (Mexico)4. Open Banking (Brazil)5. Consumer Data Right Rules (Australia)6. Unified Payments Interface (India)7. Open API Framework (Hong Kong) Link: https://nordicapis.com/7-global-open-banking-standards/
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Mapping of National Laws, Competent Authorities, Supervision Authorities and Incident reporting Authorities for Payment Services Directive 2. Link: https://www.enisa.europa.eu/topics/critical-information-infrastructures-and-services/finance/psd-2-tool-interactive-map For more details please visit “Good practices on the implementation of regulatory technical standards”. Link: https://www.enisa.europa.eu/publications/good-practices-on-the-implementation-of-regulatory-technical-standards Download:https://www.enisa.europa.eu/publications/good-practices-on-the-implementation-of-regulatory-technical-standards/@@download/fullReport
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It’s been over three years since the European Union’s second Payment Services Directive (PSD2) came into force, revolutionizing the financial sector with open banking initiatives and services. Now, focus on PSD3 is beginning to take shape, and there are already many speculations about what the directive will entail. Here are some of the expectations that
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SEPA, or the Single Euro Payments Area, is a payment integration initiative within the European Union, aimed at facilitating seamless euro payments across the region. Open Banking is a separate initiative that promotes the sharing of financial data between banks and third-party providers, to enable innovative new financial products and services. While SEPA and Open
Open Banking PSD3 is the third version of the Payment Services Directive (PSD), which is an EU directive that regulates payment services and payment service providers. The directive was first implemented in 2018 and has been in force since then. The main objectives of PSD3 are to improve the security of online payments, increase consumer
The Danish Financial Supervisory Authority (the Danish FSA) is the financial regulatory authority of the Danish government responsible for overseeing the banking sector, credit unions, leasing companies, and insurance companies. The FSA has the power to license and supervise the activities of financial institutions, and must ensure that they comply with capital adequacy requirements, as
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Danish financial institutions include banks, mortgage banks, and other entities that provide financial services and products in Denmark. The banking sector is highly regulated by the Financial Supervisory Authority (FSA), which has the power to license and supervise the activities of financial institutions. Major Danish banks include Danske Bank, Jyske Bank, Nordea, and Sydbank. Other
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Open banking has been particularly successful in the Nordic countries of Sweden, Denmark, Norway, and Finland. This is due to the region’s long tradition of payment innovation, as well as its high internet penetration rate, which has allowed open banking to be adopted quickly and widely. As a result, these countries have seen significant progress
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Open banking allows consumers to share their banking data with third-party financial providers via application programming interfaces (APIs). Common use cases for open banking include customer onboarding [1], account top-ups, invoice settlement, ecommerce, income & affordability analysis, risk decisioning, personal finance management, accounting, banking, business finance management, SME lending, treasury management, and apps such as Revolut
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PSD2 (Payment Services Directive 2) has a number of potential use cases [1], including providing inter-bank payment facilities and bill payments [2], analyzing the financial behavior of customers, and creating new authentication methods for online payments. It can also be used for cash pooling and foreign exchange across multiple banks [3], allowing large corporates to make payments more
