Home » General World News » It could be easier for Facebook and Google to get into UK banking thanks to new rules starting today

It could be easier for Facebook and Google to get into UK banking thanks to new rules starting today





Facebook Founder and CEO Mark Zuckerberg speaks on stage during the annual Facebook F8 developers conference in San Jose, California, U.S., April 18, 2017.

  • Open Banking rules come into force in the UK on Saturday, January 13.
  • The rules force banks and payment companies to share data with third parties if customers agree.
  • The changes are meant to encourage comparison and bank account switching but some think an unintended consequence could be opening up banking to tech giants like Facebook and Google.

LONDON — New rules come into force in Britain today that force banks to open up their data to outsiders.

“Open Banking” begins on January 13. The new rules force Britain’s nine biggest banks to share customer data with third parties if a customer agrees. The read more >>>

Source:: BusinessInsider.Com

Comments are closed.