Open Finance Is National Infrastructure

Dateline: Woking, 14th February 2024.I went to Las Vegas for Money20/20 last year, one of the lighthouse events for me and a great many other fintech fans. I’m not saying this to make you jealous — although you should be, because I had a lot of fun — but because I was thinking about how Cameron D’Ambrosi wrote in a Liminal newsletter (with reference to the 2022 event) that Money 20/20 “isn’t a digital identity conference, but payments are more anchored on digital identity than ever before”. I couldn’t agree more. I was therefore not surprised to see plenty more talk about digital identity there last year, which was great because I never get bored talking about digital identity.What I spent even more time talking about though was open banking. It has arrived in America.ShareStackedI wrote before that governments across the globe were embracing open finance and noted that the Consumer Financial Protection Bureau (CFPB) had committed to finalise open banking rules for the U.S. by the end of this year. The Director of the CFB Rohit Chopra said on stage at the 2022 Money20/20 that the Bureau would propose requiring financial institutions offering deposit accounts, credit cards, digital wallets, prepaid cards, and other transaction accounts to set up secure methods (such as APIs) for data sharing. Well, they have.Subscribe nowThe CSFB were on schedule and they published their draft “Required Rulemaking on Personal Financial Data Rights” at the 2023 event. These proposed rules are, make no mistake about it, a big…Open Finance Is National Infrastructure