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 Open Banking. 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.
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.