UK Passes Data Bill to Unlock Open Finance Future

UK passes data bill to unlock open finance future

The UK Government has taken a significant step towards broadening the scope of open banking with the passage of the Data (Use and Access) Bill through the House of Parliament. According to Finextra, this legislation sets the stage for the development of a wider open finance ecosystem, enabling consumers to share their financial data across a broader range of sectors beyond traditional banking. The bill supports the transition from open banking, …

New Data Access Bill: A Major Step Toward Open Finance Evolution | Fintech InShorts: Latest fintech news, analysis by experts

Exploring the Impact of Legislative Change on Open Banking and Financial Services Highlights: The new data access bill aims to enhance consumer data rights and accessibility. It sets the stage for the evolution of open banking into broader open finance. This legislative change promises to foster innovation and competition among financial service providers. The recently proposed data access bill signifies a pivotal moment in the financial sector…