A giant change is coming for banking in the UK. Not Brexit, but Open Banking, the new directive that will require the largest UK banks to give third parties access to their data, down to the level of current account transactions.

The directive will come into force in January 2018 – it’s part of the second European Payment Services Directive, better known as PSD2 – and such is the scale of the change that finalising it has proved difficult. Even at this late stage many of the exact details are still being worked out by Open Banking Ltd, the group responsible for implementation.

Now, for the first time, it’s possible to get a glimpse of what Open Banking will look like in practice, thanks to a £5 million prize funded by the UK banks.

Read more here..

http://ow.ly/d9A130haHPS

Credits: Andrew_Rybalko/iStock