Digitalisation of Payment Services
Ibero-American Institute for Law and Finance Working Paper No. 5/2018
33 Pages Posted: 21 Oct 2018
Date Written: September 27, 2018
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
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