Laying the Groundwork for Open Banking Success

Open Banking in the US is poised to revolutionize the payments landscape, offering a modernized approach that significantly enhances the consumer experience. Financial institutions, credit card issuers, and other financial providers are facing the challenge of operating in an uncertain regulatory environment while also meeting the demands of clients and consumers. Driven by this regulatory uncertainty and market demand, there is growing pressure on providers to be prepared with product offerings and data security measures. In this timely session, we will look at the top concerns around open banking, including the need for clear consent mechanisms and robust security protocols to protect consumer data, implications of authorized push payment fraud, and varying levels of adoption and maturity across different regions and institutions both from the lens of a provider and a merchant.