Digitalisation of Payment Services

Ibero-American Institute for Law and Finance Working Paper No. 5/2018

33 Pages Posted: 21 Oct 2018 Last revised: 29 May 2019

See all articles by Fernando Zunzunegui

Fernando Zunzunegui

Universidad Carlos III de Madrid - Faculty of Social Sciences and Law

Date Written: September 27, 2018

Abstract

This paper studies the advantages and challenges of digital payments. Large banks are transformed into platforms that share clients without losing control of the business. We are facing an open banking that combines finance and technology offering safety in a digital environment. These changes involve important regulatory challenges. The model of the European Union becomes a universal reference. It forces Banks to share customer data with technology firms. It prioritizes giving clients the power over their data with the security offered by the access through APIs. It gets right by combining financial regulation with data protection. It encourages innovation in a regulated framework. The objective is to reconcile innovation with the safety and stability of the financial system.

La versión en español de este artículo se puede encontrar en: https://ssrn.com/abstract=3264759.

Keywords: Open Banking, PSD2, API, Digital Payments, Fintech, Data Protection, Financial Regulation, Client Protection

JEL Classification: G15, G18, G21,G28, G32, G28, K22, M13

Suggested Citation

Zunzunegui, Fernando, Digitalisation of Payment Services (September 27, 2018). Ibero-American Institute for Law and Finance Working Paper No. 5/2018. Available at SSRN: https://ssrn.com/abstract=3256281 or http://dx.doi.org/10.2139/ssrn.3256281

Fernando Zunzunegui (Contact Author)

Universidad Carlos III de Madrid - Faculty of Social Sciences and Law ( email )

Getafe (Madrid), 28903
Spain

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