Select a page

Open Banking: an opportunity for customers!

September 30, 2021 | grandstands

The declaration of the new president of the French Banking Federation on the first page of the Echoes of September 28 (article entitled " La charge of the banks contre les stArticle up de la flnance ") We interroge.

Tout  d'abord,  elle  va  à  contre-courant  of the  taken  de  stance  Publish  many leaders of the French and European banking world, who are orvertement  favorables  à  l'ORpen  Banking  -  définished  in  l'article  cike  «  lprinciple  selon  lequel  les  flntEch  littlevent,  under  cconditions, acceder our data bancaires  of the  banks  ».  Les  banks  european  se  sont  engaged  in l'ORpen  Banking,  de  plus  en  plus  consideré  cike  un  axe  de  their  proprEastwaregie. Les grand S éestablishmentnts frFrench ont took their full part in ce softvement,  several  d'entre  them  s'inscribedvant  henceforth  en  thennte  in  cth domain.

These Propos us font revto go back several yearsre. En eAndet, remettrhe in question the Open Banking consists in contesting the second European directive on the fact the payments, dite « DSP2 » adopted en July 2013 et entry en application in January 2018. This allows European consumers to share their banking transaction history with a regulated third party actor in order to d'acceder  à  de  newvwaters  servedces  (tryearsfert,  credict,  etNS.)  :  il  s'is  so  d'a vtrue improvementration of l'oAndrservedcare bankedres for customersnts.

It gave rise to d'countlessrables concertations etgroupes de travgarlic - rwhy are yount d'years yont ofé consacrées - eyour ofit's tryears laid down in the lawsations nanational. She ccompleteande positivement the " Rrulent Genral on the Protection of Data ”(RGPD) For faire of the citoyin it centre d'a device at the fon protecteur et generalwareur d'opportunites.

La  preoccupaproduction  du  president  de  la  FBF  herent  à  la  norctheyté  d'éviter  a disseminaproduction  of the  data  d'historic  de  compte  bancaire  of the  clients  is byfaitement legitimate. Nwe share it totalement. She is d'elsewhere in cheart of fi ntech models and more broadly of what constitutes the European model.ropean of protection of data.

Let us recall some essential data in this regard:

The fi ntech are regulated et supervised by the same regulators and supervisors  which already  the  banks  (ACPR,  AMF  et  CNIL).  Without  entrer  in  too technical considerations, let's say that two regulatory philosophies coexist in Europe and in the world:

  • the so-called “sandbox” (to simplify, less restrictive regulations for start-ups)
  • and that of the "Level Playing Field" (fair treatment) which requires the same reglementation for the same type d'opration.

This last option is the choice of France and, even if it places us in certain respects in a delicate situation in terms of European competition, we subscribe to it.vons because l'objective essentiel is from protlight the consommateur.

Let's keep à the mind which already two people third of the fi ntech working with the banks, en

"BtoB", particularly in the field of payment (account aggregation, initiation of payment, etc.), which thereby validate the reliability of solutions oAndertes. There are already more than 500 cooperation agreements between fintech frfrench et the éestablishmentnts bancaires et d'assurance in France. Most banking groups have gone even further by making l'acquisition de fintEch et in themntegrant in their disposalf.

Enend, it is importantnt d'en revcome to cand here cwe establish the cvery heart of l'ORpen Banking as desired by the European Commission and the Member States: l'improvementraservicece bancaire of the customernt to l'erre digital et l'accroissement of l'oAndre.

Two major principles should inspire us:

  • The client must be offered secure and innovative services, improving the quality of the service;
  • la  reglementaproduction  european  et  la  DSP2 framerent stricttement l'ORpen Banking   :   l'exchange   de   data   prend   Place   in   le   cadre  d'an express instruction given by the client to a regulated actor (fi ntech or fi nancial institution) and all kinds of technical provisions are put in place to secure it (computer interface known as “API” - managed in France by the bank itself -, "authenti fi caproduction forte ”).

The data associated with a customer does not belong to the bank or to fi ntech, but to the customer himself. He disposes of it as he sees fit and is entitled to share it avec a prisaorre quali fi ed for obtenir des servicesceg.

Let us remember the debates which led, in 1994, to the legislation making the “prstopofé ”data from the medical file on patient. Some doctors ont had trouble accepting this change in nature, citing the risk of disseminatingaproduction d'infwormsasensitive tions. He ... not s'is no less imposed because it serves l'intérêtprofond du citoyin. It isrhas the same for l'ORpen Banking.

FinTech is not the problem, but part of the solution, including for the banks here le demonstrate each jour en working with them. Cette  coopedraproduction  is  thatnthe road  for  contrer  l'offensive  montante  in  Big Tech financial services (American GAFAM and Chinese BATX) which, through intensive use of data, often know their users better than   the   banks   connosent   their clients.   La   coopedraproduction   entre  traditional banks and fi ntech are therefore a major lever of sovereignty ttechnological.

Les fintech sont engaged in cettebasize which commence. Lno morevent at sideé banks et byfois in concurrenchealthy avec them. Nos innovations respectives doivent avant tout proftto customernt et to l'integrité of its data.

La  France  has  d'un  fabric  toffootprintnt  d'actowers  financial,  ccomposed  banks, groupes d'assurance, sociofmanagement et fintech, who cit is an opportunity for our country and helps to maintain its sovereignty, provided that function in écosystth.

Read also :
Les Echos - Fintechs strike back after banks' charge against Open Banking
Maddynnes - FinTech denounces bank attacks on Open Banking
It's not my idea - Can we not believe in Open Banking