Open Finance: the next step on the journey towards Open Economy
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Open banking Open Finance: the next step on the journey towards Open Economy 12-10-2022 Open Finance was first mentioned in the Digital Finance Strategy published by the European Commission in 2020. Since then, it has been a “buzz word” in the financial industry, creating both cu
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What is Open Finance?
Lead — Open Finance, as delineated in a recent commentary by Nordea, signifies a pivotal shift in financial ecosystems, expanding beyond Open Banking to include a comprehensive range of financial services that allow consumers greater control and access to their data. This framework enables customers to utilize applications covering investing, pensions, and more, effectively democratizing data management. Notably, while the foundational regulations are still in development, the European Commission proposed legislation in June 2023 to support its implementation. Such changes are poised to impact financial decision-making and customer engagement across sectors, suggesting significant attention from market participants will be warranted as these systems evolve.
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