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http://dx.doi.org/10.18807/jsrs.2020.10.1.017

A Study on the Current Status and Policy Direction of Open Banking  

Park, Jeongkuk (Digital Certification Center, Korea Financial Telecommunications & Clearings Institute)
Kim, Injai (Department of Management Information Systems, College of Business Administration, Dongguk University)
Publication Information
Journal of Service Research and Studies / v.10, no.1, 2020 , pp. 17-31 More about this Journal
Abstract
Open banking, the global trend of the financial industry, is the driving force behind various innovations in the financial market in the future. The right policy direction and detailed tasks are important for triggering the differentiation and reunion of the financial industry. The purpose of this study is to investigate and analyze the background of open banking, domestic and international trends, and Korea's open banking policy. The policy directions and tasks for successful settlement and activation of open banking system are carefully suggested. Open banking is a policy to allow third party provider(TPP) access to bank accounts and open payment functions under the explicit consent of the customer. The opening of the open banking era is expected to begin competition and cooperation between banks and fintech companies in earnest, thus enhancing the competitiveness of the financial industry and contributing to the utility of financial consumers. To this end, policymakers should make every effort to advance open-ended financial settlement infrastructure, open banking legal grounds, and minimize side effects such as customer data leakage and poor financial system stability. Banks and fintech companies will need to focus on scattered customer financial information on a single platform and develop it into a convergence and discrimination of true financial services.
Keywords
Open Banking; Open Application Programming Interface; Third Party Provider Accessibility; Payment Services Directive 2; Financial Settlement Infrastructure;
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