Banking on Data is a trailblazer book analysing open banking’s legal foundations by referencing banking law rather than privacy law or competition law. Despite open banking’s broad emergence in various jurisdictions and the ambition shared for the benefits it delivers, there is a distinct lack of detailed analysis of the legal features needed for it to be effectively established. With a detailed focus on the mature open banking systems of Australia and the United Kingdom, including Australia’s Consumer Data Right, the book’s exhaustive legal perspective furnishes a comprehensive framework that can be used to evaluate and design open banking in any jurisdiction.
What’s in this book:
A comparison of the legal rights, responsibilities, and relationships under open banking systems with equivalent rights in traditional banking payment systems is part of the book’s presentation. This process uncovers and tackles the following salient open banking and data-sharing issues:
- what data should be shareable and who should be required to share data;
- how data should be shared and how rights to share data should be established;
- the role of data minimisation and the role of consent;
- how laws, standards, rules, and technology interact in an open banking system;
- how open banking fosters competition, innovation, and financial inclusion;
- how consumer protection can be included by design;
- management of quality and security of shared data;
- facilitation and regulation of participation;
- legal relationships and allocation of liability among participants;
- compensation for customers if something goes wrong;
- strategic challenges and opportunities;
- enforceability and insolvency;
- systemic efficacy and safety; and
- the role of trust.
The book also comprises an assessment framework designed to categorise the risks which arise in open banking and other data-sharing systems
How this will help you:
This book elucidates how banking law can ensure customer autonomy, data portability, recipient accountability and participant connectivity promised by open banking systems. Its legal perspective on the value of customer data will prove vital for lawyers in banking and finance and professionals in financial services or information technology.