Political Impulse! "Open Finance and How to Make it Sustainable"

The EACB is pleased to announce its event

Political Impulse!

“Open Finance and How to Make it Sustainable””

5 July 2022 - 11:30-12:30am CET (ONLINE)

On the 5th of July, the European Association of Co-operative Banks (EACB) is organising an online event in the context of the European Commission’s ongoing work on proposals for an Open Finance Framework (OFF) aiming to enable data sharing and provide third-party service providers access to consumer and business data across a wide range of financial services. Such an OFF would entail a serious step forward compared to the data sharing principles laid down by the second Payment Services Directive (PSD2), which is currently under review.

Co-operative banks, as consumer and retail banks, traditionally hold a wealth of consumer data. Acutely aware of not only their duty to protect customer funds, but also their data, co-operative banks have been at the forefront of protecting customers’ data.

The envisaged access to data objective is to bring benefits to both consumers and businesses – tailored products, personalised services, better customer experience for both corporate and retail clients, development of new digital tools, etc. – but it may also dramatically increase uncertainty for consumers and companies, in terms of privacy, security, responsibility and accountability of the different parties in the value chain.

How can we ensure that the envisaged Open Finance Framework is based on the right principles, finds the right balance between consumer protection and consumer empowerment and between increasing competition and a level playing field for all actors in the data economy?These and others are the questions we seek to explore during the EACB webinar “Political Impulse! Open Finance and How to Make it Sustainable”.

The event will consist of a keynote presentation by Marcel Haag, Director of the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) at the European Commission (EC) followed by a Q&A session.

The event is under the Chatham House Rule.

Programme