“Open banking is a unique opportunity that we have in the financial sector. Like no other opportunity we’ve ever had to truly look at the collaboration between fintechs, banks and a regulatory framework to create products and services that will benefit the consumer.”Carlos Figueredo, Open Vector CEO
Across the world, Open Banking has been thriving on two common denominators: regulations and standards. Countries have taken different approaches to these two pillars in their Open Banking strategies, but all of them have kept them at their core. The nature of Open Banking, where customer data is easily and openly shared among many providers, demands standards to be put into place for this practice to work. It also requires that macro-level regulations are observed to guarantee this practice fulfils its missions of creating more transparent and customer-specific banking solutions for the banked and especially the unbanked.
The UK is the leading example of a country implementing Open Banking. Its approach is completely regulatory-driven, making it at the same time the leading example of how regulations force and nurture the creation of the Open banking sector. Back in 2013, when Europe agreed on the Revised Payment Services Directive (PSD2), the UK went one step ahead with the mandate by the Competition and Market Authority (CMA) for the nine biggest banks in the country to adopt the Open Banking Standards. Under this, the UK regulations and standards for Open Banking became more defined than in the PSD2, commencing with mandating the creation of a common Application Programming Interface (API) standard, which created a common base for the technology required for this banking approach.
But this is not the same in all countries. In Latin America, for instance, Mexico and Brazil are leading with quite different regulations around their Open Banking practice, and as our expert Carlos Figueredo would argue, they are, in fact, more advanced than the UK when it comes to willingness and shareability of data. Regulations, standards and, therefore, operational risks vary per administration and geography, and understanding, assessing and complying with them is key to ensuring different banks and third-party providers (TPPs) can thrive in these ecosystems.
With this in mind, Carlos Figueredo, Founder and CEO of Open Vector, an Open Banking advisory firm, and former Head of Data Standards for the Open Banking Implementation Entity (OBIE), has carefully curated an online course with CFTE about Regulations, Standards and Operational Risks in Open Banking.
Details about Regulations, Standards and Operational Risks
This course provides a comprehensive overview of the different regulatory approaches for all financial service providers. It will introduce the essential elements of effective Open Banking compliance by exploring different concepts, considerations and strategies for assessing risks. Learners will gain an understanding of the different regulation and data standards across the globe and their importance in Open Banking. On top of that, learners will be able to evaluate the different opportunities and risks associated with these regulations and how to ensure compliance.
Through collaboration with experts in the industry, this course encapsulates all the industry knowledge on regulations, standards and operational risks in a context of Open Banking.
The experts that played a key role in the creation of this course are:
- Frankie Tam (International Technology Lawyer at Eversheds Sutherland). Expert in Fintech and Regtech, she advises clients on technology issues, including large-scale technology outsourcing, fintech and data privacy issues.
- Liz Oakes ( Executive Vice-President at Mastercard). Leads Mastercard’s long-term strategy for Product & Innovation to deliver the best customer experience through co-innovation, partnerships and M&A.
- Imran Gulamhusenwala (Implementation Trustee at Open Banking Implementation Entity). Leads the Open Banking Implementation in the UK since 2016.
- Mariana Velazquez (Senior Advisory Consultant at Open Vector) . Worked in the research of Fintech models in Mexico and worldwide and have participated in the development of the Fintech Law and its secondary regulation
- Scott Farell (Partner at King & Wood Mallesons). Appointed to lead the Australian Government’s Inquiry into Future Directions for the 2020’s Australian Consumer Data Right.
Details about Open Banking & Platforms in Finance Specialisation
Regulations, Standards and Operational Risks is the fourth course in the “Open Banking & Platforms in Finance” specialisation launched by CFTE. The specialisation is the world’s first online programme in Open Banking, created in collaboration with industry leaders, and curated with feedback from hundreds of industry experts globally. Through this specialisation, learners can get the essential knowledge to understand and successfully apply the practice of Open banking to their jobs.
The course lectures are delivered in a video format, accompanied by bitesize expert interviews. Reading materials and assessment quizzes help learners explore a topic further and test their knowledge as they progress.
The five courses in the specialisation and their lecturers are:
- An Industry Overview of Open Banking, taught by Paul Rohan, Head of Business Strategy Finance, Google Cloud Apigee
- Business Model and Implementation of New Entrants, taught by Anna Maj, Fintech Leader & Advisor
- Business Model and Transformation of Incumbents, taught by Secil Watson, Head of Digital Solutions for Business, Wells Fargo
- Regulation, Standards and Operational Risks, taught by Carlos Figueredo, Founder and CEO, Open Vector
- Technology and Security, taught by Stephan Murer, ex-Group CTO at UBS and CEO of Murer Consulting
Upon completion of each of the five courses, participants will achieve the complete specialisation and receive a certificate.
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