A difference in regulatory interpretation across Europe is holding back the legitimacy 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 globe the latitude to extend a compliance grace period to market participants , different jurisdictions have extended the compliance deadline to different dates . Open banking has also been hampered by varying requirements for application programming interfaces and a variety 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.