A difference in regulatory interpretation across Europe is holding back the benefits of open banking, according to a recently published column on financial technology website Bobsguide. The article by David McWilliams, head of research at Barclays, argues that while regulators have been slow to embrace digital currencies, they are now starting to. Open banking has also been hampered by varying standards for application programming interfaces and a multitude of approaches being taken by governments outside Europe.
A difference in regulatory interpretation across Europe is holding back the benefits of open banking, according to a recently published column on financial technology website Bobsguide. Since the European Banking Authority granted national competent authorities (NCAs) across the continent the latitude to extend a compliance grace period to market participants, different NCAs have extended the enforcement deadline to different dates. Open banking has also been hampered by varying standards for application programming interfaces and a multitude of approaches being taken by governments outside Europe.