“FCA boosts Open Banking by removing 3-month re-authentication requirement”
(Website Finextra, 30 november 2021).
In the EU, the EBA is still investigating it, but in the UK the FCA seems to have already taken a decision to make open banking more open. Currently, when using an AISP (Account Information Service Provider), a reauthentication at your own bank is required every 90 days. This is of course an extra obstacle and AISPs get a high churn as result. At least according to the AISPs this obstacle is an important reason of the churn. In the UK, this 90-day period is going overboard.
But will it really be enough? You may also wonder whether the current open banking services meet a need. The churn can be high because the service is too limited to take even a small bump as a confirmation.
Read the article on the website of Finextra
Leave a Reply