US Banks Starting to get Ahead of Open Banking

With open banking set to go live in Europe next month US banks will be keeping a close eye on how the process works; US banks have started to share data with fintechs through different partnerships for different reasons; the time is coming where the industry will have to look at open banking as a regulatory standard and some think the banks should really be the ones to set the parameters; coming up with a potential global set of standards is something that could really benefit all parties involved; “You need to globalize that at consistency so you don’t have different standards for each country in Asia, for example,” said Cynthia Murray, a managing director at Bank of America, to TearSheet. Source.

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