Banking in the U.K. is set to change dramatically with the introduction of new regulations and recommendations focusing on the digitalization of retail banking services, and open access to data and payment processing information.

The evolution of open banking application programming interfaces (APIs), including new regulations and recommendations from the Competition and Markets Authority and the European Payment Services Directive II (PSD2), will affect markets and banking norms in the U.K., Europe and beyond.

Open banking APIs enable interaction with a bank's data without compromising account information. Banks in the U.K. and across Europe must now focus on the implications of open banking and PSD2 as new participants – third-party providers – are introduced into processes and systems.

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