Open Banking is a regulation designed to put you in control of your own transaction data. It requires banks to let you share your data with other banks and third parties so they can help you manage your accounts.
As the way we exchange value changes, taxation faces a pivotal moment. Historically speaking, taxes have been taxing. But new developments in the payments ecosystem—Open Banking, ISO 20022—are about to change all that.
Open Banking requires and depends on partnerships—from suppliers to business collaborators and from vendors to customers. Banks have to build an ecosystem of alliances.
Organisations including banks, fintechs, and payment providers who want to play a leading role in tomorrow’s payment services ecosystem will need to be smart and start identifying their roles in the RtP ecosystem today.