Issue link: https://go.axway.com/i/1321495
41 Open Banking APIs State of the Market Report 2020 REGION COUNTRY PROGRESS EUROPE All of Europe European Banking Authority released a report into the obstacles faced by fintech when using open banking APIs. They document a variety of ways that banks are overstepping the intent of the Second Payments Services Directive (PSD2) and provide guidance to national regulatory authorities to help them adjudicate between banks and fintech over how customers should be able to integrate their bank accounts. Lithuania A dedicated working group, chaired by the Bank of Lithuania (Payments Council) and representatives of consumers, fintech, banks and the Ministry of Finance was set up to further explore the opportunities of developing open banking. The working group will present its proposals on development of open banking to the Payments Council this year. UK All of UK Leveraging on the foundation of open banking implementation, the UK is moving forward with open finance. A consultation process is currently underway and over 100 submissions have been received so far, focusing on: \ Defining the scope of open finance \ Clarifying a road map for open finance \ Prioritizing collaboration \ Setting principles and standards for open finance \ Recognizing standardization as crucial to ensure interoperability across the open finance ecosystem. NORTH AMERICA Canada At the start of 2020, the Canadian Advisory Committee on Open Banking released the final findings of an initial review into open banking and announced the launch of the second, which has a particular focus on data security in financial services. Due to COVID-19, the launch of the second phase review has been postponed till later this year. LATIN AMERICA Brazil The Central Bank of Brazil announced their open banking regulations on 4 May 2020. The scope of the Brazilian open banking and open finance regulation go beyond that of Europe's PDS2 model and will cover more than just accounts and payments. Brazil's initial phase (to be completed in 2020) requires banks and financial institutions to make products and services information available digitally. Relatedly, there may be a delay in the enforcement date of the General Law on Protection of Personal Data (LGPD) till 2021. A SELECTION OF KEY PROGRESS MILESTONES IN OPEN BANKING REGULATIONS FOR 2020