Open Banking: an opportunity for customers!
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.