Business and Economics

Rethinking the Right to Data Portability in the Transition from Open Banking to Open Finance in the EU

By José Daniel Sánchez Quiñones

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Length3h 27m

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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. 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.

Political Intrigue Futuristic

Audiobook details

GenreBusiness and Economics

Length3 hrs 27 mins

Narrated byListen with 1,000+ voices

FormateBook with Audio

Publish dateMay 28, 2024

LanguageEnglish

1Introduction

21. INTRODUCTION

31.1. Setting the stage

41.2. Research objectives

51.3. Research questions

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61.4. Methodology

71.5. Structure of the Thesis

82 BREAKING BOUNDARIES: THE EVOLUTION OF OPEN BANKING IN EUROPE

92.1. Understanding Open Banking

102.2. Data-sharing arrangements for payment services under the Revised Payment Services Directive (PSD2)

112.3. Integrating New Players in the Financial Industry

123. EXPANDING HORIZONS: OPEN FINANCE AND THE SEPA API ACCESS SCHEME IN EUROPE

133.1. Understanding Open Finance

143.2. Regulating Open Finance in Europe

153.3. Unleashing the Power of SEPA through the API Access Scheme

163.3.1. What is the Single Euro Payments Area (SEPA)?

173.3.2. What are the key elements and goals of the SEPA-API Access Scheme?

183.3.2.1 Goals

193.3.2.2. Governance

203.3.2.3. Business requirements and conditions

214. EXPLORING THE INTERSECTION BETWEEN OPEN BANKING, OPEN FINANCE, AND THE RIGHT TO DATA PORTABILITY

224.1. Understanding the Right to Data Portability

234.2. Synergies between the Right to Data Portability, Open Banking, and Open Finance

244.2.1. PSD2 obliges ASPSPs to comply with data protection law

254.2.2. RDP and PSD2 both promote open data access

264.2.3. Open Finance shares the same synergies with Open Banking, yet offers further benefits

274.3. Exercise of Right to Data Portability in the context of Open Finance

284.3.1. Analysis of the information categories

294.3.2. Analysis of the applicable legal grounds for processing personal information

304.3.3. Analysis of the way information will be shared

315. CONCLUSION

326. REFERENCES

33I. GLOSSARY

347. ANNEXES

357.1. Annex 1 – Estimates of Potential Gains from Open Data for Finance by 2030

367.2. Annex 2 - Global Open Banking Developments

377.3. Annex 3 – Types of API Strategies for Banks

387.4. Annex 4 – Examples of Companies and Banks Enrolled in Open Banking

397.5. Annex 5 - Synopsis of Commonalities between RDP, Open Banking and Open Finance

407.6. Annex 6 – Remuneration Models for the Brokerage of Data

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Rethinking the Right to Data Portability in the Transition from Open Banking to Open Finance in the EU

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