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23 April 2019 By Liam Proud Follow @liamwardproud

It’s over a year since the UK and EU gave tech groups access to account data, supposedly boosting competition. Yet glitches and a narrow focus on current accounts mean the measures are barely used. Change requires more tech-savvy financial institutions – or more regulation.

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The UK’s Open Banking Initiative, implemented following a Competition and Markets Authority enquiry into high street banking competition, came into force on Jan. 13, 2018. The UK’s nine largest account providers had to make customers’ financial data available to authorised third parties used by their account holders.

The European Union’s second Payment Services Directive, which also aims to promote competition by opening up bank data, came into force in Jan. 2018. Its required technical standards are due to come into force on Sept. 14, 2019.

The MoneyLive Spring 2019 conference took place in Madrid from March 11 to 13.

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