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Mr. Open Banking
Open Banking Past & Future
Dec 12, 2023
Dr. Ruth Wandöfer, a key figure in European finance, discusses the history of open banking from PSD to PSD3. She explores the impact of Web3 and CBDCs on our digital society, emphasizing the need for a Digital Social Contract.
44:37
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Quick takeaways
- PSD1 sparked FinTech growth by legitimizing payment providers and boosting competition in Europe.
- PSD2 shifted to consent-driven APIs, birthed European Open Banking, and catalyzed global financial reform.
Deep dives
PSD1 and the Emergence of FinTech Innovation
Introduced in 2007, PSD1 opened the floodgates of FinTech in Europe by recognizing payment providers as legitimate, increasing competition. This led to the rise of Neo-Banks, offering alternatives in payments without the ability to take deposits or provide loans, yet capturing a significant market share.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode