Rethinking the Right to Data Portability in the Transition from Open Banking to Open Finance in the EU
()
About this ebook
The research examines how this shift affects the Right to Data Portability (RDP), giving users the ability to manage and transfer their data among financial service providers. Through qualitative analysis, it clarifies the dynamics between RDP, Open Banking, and Open Finance. Chapters trace the regulatory evolution, explore standardization efforts like the 'SEPA API Access Scheme', and address challenges such as defining data categories and legal processing grounds.
The book advocates for a user-centric approach to Open Finance regulation, emphasizing trust and privacy in the digital financial landscape.
Texto de contracapa: Amidst the transition from Open Banking to Open Finance across the European Union (EU), this insightful book delves into how individuals' control over their data is impacted. With Open Banking reshaping data sharing, the EU seeks to extend this model to sectors like insurance through Open Finance.
The research examines how this shift affects the Right to Data Portability (RDP), giving users the ability to manage and transfer their data among financial service providers. Through qualitative analysis, it clarifies the dynamics between RDP, Open Banking, and Open Finance. Chapters trace the regulatory evolution, explore standardization efforts like the 'SEPA API Access Scheme', and address challenges such as defining data categories and legal processing grounds.
The book advocates for a user-centric approach to Open Finance regulation, emphasizing trust and privacy in the digital financial landscape.
Related to Rethinking the Right to Data Portability in the Transition from Open Banking to Open Finance in the EU
Related ebooks
EIB Working Papers 2019/01 - Blockchain, FinTechs: and their relevance for international financial institutions Rating: 0 out of 5 stars0 ratingsUpcoming Updates In Data Protection: Whistleblowing Channels Rating: 0 out of 5 stars0 ratingsData Protection and the New UK GDPR Landscape Rating: 0 out of 5 stars0 ratingsEU General Data Protection Regulation (GDPR) - An Implementation and Compliance Guide Rating: 0 out of 5 stars0 ratingsEU General Data Protection Regulation (GDPR), third edition: An Implementation and Compliance Guide Rating: 0 out of 5 stars0 ratingsEU General Data Protection Regulation (GDPR) – An implementation and compliance guide, fourth edition Rating: 0 out of 5 stars0 ratingsArtificial Intelligence Regulation: Fundamentals and Applications Rating: 0 out of 5 stars0 ratingsPSD2 - Open Banking for DevOps(Sec) Rating: 5 out of 5 stars5/5Financing the digitalisation of small and medium-sized enterprises: The enabling role of digital innovation hubs Rating: 0 out of 5 stars0 ratingsEU GDPR - A pocket guide, second edition Rating: 0 out of 5 stars0 ratingsEU GDPR – An international guide to compliance Rating: 0 out of 5 stars0 ratingsEmerging FinTech: Understanding and Maximizing Their Benefits Rating: 0 out of 5 stars0 ratingsTHE EVOLUTION OF ANTITRUST IN THE DIGITAL ERA - Vol. Two Rating: 0 out of 5 stars0 ratingsThe California Consumer Privacy Act (CCPA): An implementation guide Rating: 4 out of 5 stars4/5Protection of whistleblowers: Recommendation CM/Rec(2017)7 and explanatory memorandum Rating: 0 out of 5 stars0 ratingsThe Impact of the General Data Protection Regulation (GDPR) on the Online Advertising Market Rating: 0 out of 5 stars0 ratingsData Protection Compliance in the UK: A Pocket Guide Rating: 5 out of 5 stars5/5Financing the future of supercomputing: How to increase investments in high performance computing in Europe Rating: 0 out of 5 stars0 ratingsFarm Data Management, Sharing and Services for Agriculture Development Rating: 0 out of 5 stars0 ratingsPCI DSS: A practical guide to implementing and maintaining compliance Rating: 5 out of 5 stars5/5Hyperconnectivity: Economical, Social and Environmental Challenges Rating: 0 out of 5 stars0 ratingsLegal Tech and Digital Transformation: Competitive Positioning and Business Models of Law Firms Rating: 0 out of 5 stars0 ratingsRegulating Cross-Border Data Flows: Issues, Challenges and Impact Rating: 0 out of 5 stars0 ratingsThe California Privacy Rights Act (CPRA) – An implementation and compliance guide Rating: 0 out of 5 stars0 ratingsHarnessing Technology for More Inclusive and Sustainable Finance in Asia and the Pacific Rating: 0 out of 5 stars0 ratingsHush SEO: Rising Through Ranks Amidst Privacy Laws Rating: 0 out of 5 stars0 ratingsBlockchain and the Digital Economy: The Socio-Economic Impact of Blockchain Technology Rating: 0 out of 5 stars0 ratingsDisclosure on sustainable development, CSR environmental disclosure and greater value recognized to the company by users Rating: 0 out of 5 stars0 ratingsIs the European Union Doing Everything It Can to Force the Banks and the Financial Institutions to Comply With the Law? Rating: 0 out of 5 stars0 ratingsRecommender Systems Rating: 0 out of 5 stars0 ratings
Business For You
The Richest Man in Babylon: The most inspiring book on wealth ever written Rating: 5 out of 5 stars5/5Crucial Conversations Tools for Talking When Stakes Are High, Second Edition Rating: 4 out of 5 stars4/5Law of Connection: Lesson 10 from The 21 Irrefutable Laws of Leadership Rating: 4 out of 5 stars4/5Crucial Conversations: Tools for Talking When Stakes are High, Third Edition Rating: 4 out of 5 stars4/5Never Split the Difference: Negotiating As If Your Life Depended On It Rating: 4 out of 5 stars4/5The Five Dysfunctions of a Team: A Leadership Fable, 20th Anniversary Edition Rating: 4 out of 5 stars4/5On Writing Well, 30th Anniversary Edition: An Informal Guide to Writing Nonfiction Rating: 4 out of 5 stars4/5Collaborating with the Enemy: How to Work with People You Don't Agree with or Like or Trust Rating: 4 out of 5 stars4/5Your Next Five Moves: Master the Art of Business Strategy Rating: 5 out of 5 stars5/5Becoming Bulletproof: Protect Yourself, Read People, Influence Situations, and Live Fearlessly Rating: 4 out of 5 stars4/5Capitalism and Freedom Rating: 4 out of 5 stars4/5The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing Rating: 4 out of 5 stars4/5Grant Writing For Dummies Rating: 5 out of 5 stars5/5Just Listen: Discover the Secret to Getting Through to Absolutely Anyone Rating: 4 out of 5 stars4/5Summary of J.L. Collins's The Simple Path to Wealth Rating: 5 out of 5 stars5/5Emotional Intelligence: Exploring the Most Powerful Intelligence Ever Discovered Rating: 4 out of 5 stars4/5Nickel and Dimed: On (Not) Getting By in America Rating: 4 out of 5 stars4/5Confessions of an Economic Hit Man, 3rd Edition Rating: 5 out of 5 stars5/5Carol Dweck's Mindset The New Psychology of Success: Summary and Analysis Rating: 4 out of 5 stars4/5Financial Words You Should Know: Over 1,000 Essential Investment, Accounting, Real Estate, and Tax Words Rating: 4 out of 5 stars4/5Robert's Rules Of Order Rating: 5 out of 5 stars5/5Lying Rating: 4 out of 5 stars4/5Money. Wealth. Life Insurance. Rating: 5 out of 5 stars5/5Company Rules: Or Everything I Know About Business I Learned from the CIA Rating: 4 out of 5 stars4/5The Everything Guide To Being A Paralegal: Winning Secrets to a Successful Career! Rating: 5 out of 5 stars5/5The Energy Bus: 10 Rules to Fuel Your Life, Work, and Team with Positive Energy Rating: 3 out of 5 stars3/5How to Grow Your Small Business: A 6-Step Plan to Help Your Business Take Off Rating: 3 out of 5 stars3/5
Reviews for Rethinking the Right to Data Portability in the Transition from Open Banking to Open Finance in the EU
0 ratings0 reviews
Book preview
Rethinking the Right to Data Portability in the Transition from Open Banking to Open Finance in the EU - José Daniel Sánchez Quiñones
1.
INTRODUCTION
To provide some context for discussion, this chapter argues that the transition from Open Banking to Open Finance in Europe raises new complexities for the interpretation and exercise of the Right to Data Portability (RDP). This chapter also describes the research framework, consisting of the objective, questions, methodology, and structure.
1.1. Setting the stage
Data is now the most valuable asset in the financial industry. Avi Goldfarb and Catherine Tucker note that digital environments offer significant advantages for business growth, including reduced search costs for products and services, easy duplication and sharing of digital information at minimal expense, and simplified tracking of individual behavior¹.
In this context, private platform-based financial companies known as Fintechs have flourished, driven by substantial venture capital investments within a Silicon Valley startup business model focused on high-risk ventures and long-term profits². Initially, traditional banks adopted digital instant payments, yet later realized how redesigning from an impregnable data fortress into open-by-design platforms
³ allowed to create partnerships with Fintechs. As the old saying goes: if you can´t beat them, join them
. This supported greater sharing and access to data, often referred to as Open Data Mobility, with the promise of exponential efficiency, innovation, and empowered collaboration in the economy⁴. For an overview of the potential gains from Open Data for finance by 2030 refer to Annex 1.
A data-driven financial industry, however, raises questions of power for the foreseeable future: one where data are controlled by a small number of giant firms and governments which use their control for-profit and suppression, to one where data are under the control of individuals – the ‘democratization’ of data – supporting a more open and innovative economy and society
⁵. In response, the policy in the European Union (EU) has advocated for an open sharing of financial information between stakeholders chiefly to level the playing field between traditional banks and Fintechs⁶.
Access to data means access to the most fundamental input for creating products and services, thus it integrates new companies in the market with potentially better deals for consumers and more innovative solutions⁷. At the same time, public policy wanted to address the unintended risks brought by a digital ecosystem, such as privacy loss for customers and fraud⁸.
As a result, the European Parliament approved on 8 October 2015 the Revised Payment Services Directive (PSD2), followed by the European Council on 16 November of the same year⁹. The PSD2 came into force on January 13, 2016, and European Union (EU) Member States had until January 13, 2018 to transpose it in their national legislations, marking the EU as the first worldwide to make Open Banking