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How Open Banking is disrupting financial services - except for payments


Open Banking enables third-parties to access consumer-authorized financial data. Many banks already allow this to selected third parties, such as money management or accounting software providers. However, legislators in many countries are now mandating that all banks, and other financial services providers, must allow consumer-authorized financial data to any regulated third party. In Europe, this is driving fintech competition, especially in markets like consumer lending. In payments, Open Banking is also supposed to drive fintech innovation, such as take up of real-time Faster Payments. However, so far, this is not likely to change the dominant position of the global payment card networks or help merchants.


  • Mark Falcon | Founder - Zephyre

    Mark is founder of Zephyre, a specialist antitrust economic advisory firm focusing on the financial services and technology sectors.

    Zephyre advises businesses, public sector bodies, and civil society organisations. Zephyre is currently advising on multiple EU antitrust and regulatory actions, including over 500 merchants versus payment card schemes, and advising Europe’s leading retail associations on the future of payments regulation.

    Mark is also an Associate Faculty member Imperial College Business School; Board Adviser to the International Payments Regulation Forum; Co-Chair of techUK’s Open Banking and Payments Working Group; and Ambassador to the Transparency Taskforce.

    Mark was previously an Executive Director at the UK Payment Systems Regulator; Head of Economic Regulation/Chief Economist at Three/CK Hutchison, the largest foreign direct investor in the UK; Specialist Adviser to the House of Commons Treasury Committee; and helped found Frontier Economics.