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Alongside a take-off in the use of Open Banking for VRPs, will be changes to the 90-day re-authentication window, which has previously acted as a brake on growth. Now, finance providers could be able to call on real-time transaction data beyond this window by using so-called ‘long-lived’ tokens (once they have the necessary authorisations). Previously, the consumer must input fresh creden- tials with their bank to refresh access every 90 days. The latest changes to the rules mean that banks will now only have to authenticate for the first access request of an AISP.
Although these changes are welcome, they are not, by themselves, enough to ensure Open Banking reaches its full potential. Consumer education has also got to form part of the mix. Against a backdrop of increased data protection concern, there is understandably still some consumer reluctance to allow third party access to their banking data. We as an industry are going to have to invest more time and money in pushing home the message that Open Banking does not expose anyone to additional security risks and is there to help people better manage their finances.
Above: LendingMetrics Managing Director and Chief Technology Officer Neil Williams
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