scholarly journals THE OPPORTUNITIES AND BENEFITS OF OPEN BANKING IMPLEMENTATION

2020 ◽  
Vol 4 (48) ◽  
Author(s):  
Mariia Lutsyk
Keyword(s):  
Third Party ◽  
European Economic Area ◽  
Payment Systems ◽  
Bank Account ◽  
Economic Area ◽  
Account Information ◽  
Payment Services ◽  
The Right ◽  
Economic Nature ◽  
Privacy Issues

The technological innovations help improve and develop online payments, including digital wallets, P2P payments, and e-commerce payments through existing e-banking infrastructure. Privacy issues prevent data owners to share them outside their institutions for fear of fraud and abuse. Open banking can help maximize customer benefits through data sharing and deeper collaboration between financial institutions. All companies providing payment services in the European Economic Area must comply with the PSD2 account access requirements. PD2 regulates that third-party PSPs have the right to access a payment account held with banks to provide account information services and / or payment initiation services. To do this, banks must provide a secure and open interface for third-party payment systems for account access, reporting and payment initiation. In light of the update of the European Commission's Payment Services Directive, which aims to improve competition and boost economic activity by facilitating and encouraging bank account holders to send their account data in a controlled and secure manner, there is a problem with customers' lack of awareness, benefits and security. Time of operations on the principles of open banking. This study is devoted to the study of the concept of Open Banking, its economic nature, prerequisites, opportunities and risks of implementation as a new way to use payment services, introduced by the directive. The research contributes to the development of open banking technology and solves the problem raised in the work - the trust of customers in it, which determines the success of its implementation and development of such a business model.

Regulating Privacy and Biobanks in the Netherlands

2016 ◽  
Vol 44 (1) ◽  
pp. 68-84 ◽  
Author(s):  
Aart C. Hendriks ◽  
Rachèl E. van Hellemondt
Keyword(s):  
The Netherlands ◽  
Criminal Law ◽  
Privacy Protection ◽  
Personal Data ◽  
Self Determination ◽  
European Economic Area ◽  
The Right To Privacy ◽  
Economic Area ◽  
The Right ◽  
Individual Self

The Netherlands does not have any specific legislation pertaining to human biological materials and data collection by biobanks. Instead, these issues are governed by a patchwork of laws, codes of practices, and other ethical instruments, where special emphasis is given to the right to privacy and self-determination. While draft legislation for biobanking was scheduled to enter into force in 2007, as of mid-2015 such legislation was still under consideration, with the intent that it would focus particularly on individual self-determination, the interests of research, the use of bodily materials collected by biobanks for criminal law purposes, and dilemmas around results that are clinically relevant for biobank participants. Under the current framework, the amount of privacy protection afforded to data is linked to its level of identifiability. International sharing of personal data to non-EU/European Economic Area countries is allowed if these countries provide adequate protection.

scholarly journals Examining User Verification Schemes, Safety and Secrecy Issues Affecting M-Banking: Systematic Literature Review

2021 ◽  
Author(s):  
Nadire Cavus ◽  
Yakubu Bala Mohammed ◽  
Mohammed Bulama ◽  
Muhammad Lamir Isah
Keyword(s):  
Web Of Science ◽  
User Authentication ◽  
Third Party ◽  
Security And Privacy ◽  
Online Fraud ◽  
Study Results ◽  
User Authentication Scheme ◽  
Authentication Schemes ◽  
Account Information ◽  
Privacy Issues

Nowadays, movable banking apps are thriving in international pecuniary market due to its flexibility and convenience, especially during COVID-19 pandemic lock-down. Despites these benefits, its development continues to face a lot of challenges due to security, privacy, and authentication issues, especially in developing nations where elegant technologies and explicit cyberspace laws remain an issue. This study used PRISMA approach to systematically reviewed present m-banking studies with aims of identifying other security and privacy issues, and user authentication schemes challenges. Six scholarly databases of; IEEE Xplore, EBSCOhost, Science Direct, Scopus, Taylor and Francis, and Web of Science were searched. 38 articles were carefully read and analyzed meticulously. The study results exposed customers fear of third-party intrusion through other apps, device lost or theft with account information, financial loses, and absence of clear cyberspace laws to be the main safety and privacy issues. Also, the results found that the present authentication schemes used by banks are becoming weak and open to various attacks due to increase in online fraud. Thus, proposed two frameworks for investigating other dimensions of risk and trust factors, and for design of new user authentication scheme. Lastly, missing gaps in current studies, and direction for upcoming studies are mentioned.

US sanctions and the right to use bank accounts in European banks for non-residents of the European Economic Area

2020 ◽  
Vol 7 (1) ◽  
pp. 86-93
Author(s):  
Vladimir A. Jilkine
Keyword(s):  
Real Estate ◽  
International Law ◽  
European Economic Area ◽  
Banking Services ◽  
Eu Countries ◽  
Economic Area ◽  
The Us ◽  
European Banks ◽  
The Right ◽  
The Eu

The article considers the decision of the Helsinki County court on the claim of a Finnish citizen to be granted the right to use banking services in Finnish banks from the international law perspective. The Helsinki district court, in its decision promulgated on 13.01.2020, rejected Boris Rotenbergs claim against Svenska Handelsbanken AB, Nordea Bank Abp, Danske Bank, and OP Yrityspankki Oyj. The court recognized the financial risks of a Finnish citizens Scandinavian banks under US sanctions above international law and fair trial guarantees. There is no doubt that this court decision will have further consequences in the judicial proceedings of Western banks for foreigners who do not permanently reside in the European economic area (EEA), and in other similar cases, and in ensuring the judicial practice unity in EU countries. First of all, this applies to any foreigners who do not have the right to permanent residence in the EU countries, but who have real estate in the form of investments or regularly come for a holiday. Previously, buying real estate in Europe was considered a reliable investment of foreign funds and a guarantee for obtaining banking services in Western banks. Based on this legal precedent, the European courts can now recognize the risks of secondary US sanctions against any banks, not only in the case of Russians from the SDN sanctions list, but also on any suspicion of money laundering by bank employees. The courts decision was based primarily on the testimony given by the former head of OFAC, who stated that even before the decision was made in 2017, the US administration already had a legal tool for punishing foreign individuals and legal entities who interact with Russians on the SDN sanctions list. As long as the US dollar is one of the main currencies in the settlements between the states, the US Treasury will control not only the dollar transactions, but also the very principle of the global banking system functioning. This court decision may become the first legal precedent for most European banks in the EU countries wherein the real estate of foreigners who do not live in the EEA countries is located, regardless of their citizenship and residence permit.

The EU Citizenship Directive: A Commentary

2019 ◽  
Author(s):  
Elspeth Guild ◽  
Steve Peers ◽  
Jonathan Tomkin
Keyword(s):  
Member State ◽  
Detailed Analysis ◽  
European Commission ◽  
Case Law ◽  
Free Movement ◽  
European Economic Area ◽  
Court Of Justice ◽  
Economic Area ◽  
The Right ◽  
The Eu

The EU Citizenship Directive defines the right of free movement for citizens of the European Economic Area. It applies to EU citizens and their family members who move to visit or reside in another Member State. This might at first seem like a straightforward definition, but immediately questions arise. Who determines if a person is an EU citizen at all? What about dual citizens of two Member States, or of one Member State and a non-Member State (a ‘third State’)? What is the position of EU citizens who move to one Member State, and then return to their home Member State? This book provides a comprehensive commentary of the EU’s Citizens’ Directive tracing the evolution of the Directive’s provisions, placing each article in its historical and legislative context. Special emphasis is placed on highlighting the connections and interactions between the Directive’s constituent provisions so as to permit a global appreciation of the system of free movement rights to which the Directive gives effect. Each provision is annotated containing a detailed analysis of the case law of the Court of Justice as well as of related measures impacting upon the Directive’s interpretation including European Commission reports and guidelines on the Directive’s implementation.

scholarly journals Examining User Verification Schemes, Safety and Secrecy Issues Affecting M-Banking: Systematic Literature Review

2021 ◽  
Author(s):  
Nadire Cavus ◽  
Yakubu Bala Mohammed ◽  
Mohammed Bulama ◽  
Muhammad Lamir Isah
Keyword(s):  
Web Of Science ◽  
User Authentication ◽  
Third Party ◽  
Security And Privacy ◽  
Online Fraud ◽  
Study Results ◽  
User Authentication Scheme ◽  
Authentication Schemes ◽  
Account Information ◽  
Privacy Issues

Nowadays, movable banking apps are thriving in international pecuniary market due to its flexibility and convenience, especially during COVID-19 pandemic lock-down. Despites these benefits, its development continues to face a lot of challenges due to security, privacy, and authentication issues, especially in developing nations where elegant technologies and explicit cyberspace laws remain an issue. This study used PRISMA approach to systematically reviewed present m-banking studies with aims of identifying other security and privacy issues, and user authentication schemes challenges. Six scholarly databases of; IEEE Xplore, EBSCOhost, Science Direct, Scopus, Taylor and Francis, and Web of Science were searched. 38 articles were carefully read and analyzed meticulously. The study results exposed customers fear of third-party intrusion through other apps, device lost or theft with account information, financial loses, and absence of clear cyberspace laws to be the main safety and privacy issues. Also, the results found that the present authentication schemes used by banks are becoming weak and open to various attacks due to increase in online fraud. Thus, proposed two frameworks for investigating other dimensions of risk and trust factors, and for design of new user authentication scheme. Lastly, missing gaps in current studies, and direction for upcoming studies are mentioned.

Would you Make the Right Decision? – Decision Making Biases in Economy - Related Dilemmas

2018 ◽  
Vol 9 (1) ◽  
pp. 59-66
Author(s):  
Zsuzsanna Gödör ◽  
Georgina Szabó
Keyword(s):  
Decision Making ◽  
Online Survey ◽  
Framing Effect ◽  
Economic Knowledge ◽  
Bank Account ◽  
Financial Decisions ◽  
Hungarian Population ◽  
The Moment ◽  
The Right ◽  
Decision Making Biases

Abstract As they say, money can’t buy happiness. However, the lack of it can make people’s lives much harder. From the moment we open our first bank account, we have to make lots of financial decisions in our life. Should I save some money or should I spend it? Is it a good idea to ask for a loan? How to invest my money? When we make such decisions, unfortunately we sometimes make mistakes, too. In this study, we selected seven common decision making biases - anchoring and adjustment, overconfidence, high optimism, the law of small numbers, framing effect, disposition effect and gambler’s fallacy – and tested them on the Hungarian population via an online survey. In the focus of our study was the question whether the presence of economic knowledge helps people make better decisions? The decision making biases found in literature mostly appeared in the sample as well. It proves that people do apply them when making decisions and in certain cases this could result in serious and costly errors. That’s why it would be absolutely important for people to learn about them, thus increasing their awareness and attention when making decisions. Furthermore, in our research we did find some connection between decisions and the knowledge of economics, people with some knowledge of economics opted for the better solution in bigger proportion

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