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Insights and Expertise

when the data sharing rule comes into force. Note: The following sources were used in researching this
article:
It will thus be essential for banks to test above and • "CFPB Proposes Rule to Jumpstart Competition
beyond industry-set standards. Such an approach allows and Accelerate Shift to Open Banking," https://bit.
financial institutions to simulate extreme scenarios and ly/4dKbhh5
test products and services to destruction, minimizing the
chances of a damaging outage post launch. • "Overview of the CFPB's Proposed Open Banking
Rule and Final Industry Standard Setting Rule,"
Another consideration with open banking innovation is https://bit.ly/4dmlWz1
the increasing number of API calls financial institutions • "Open Banking—far more than PSD2," https://bit.
are having to make between internal and external ly/4fMAeuc
endpoints. For instance, in the UK last year, there were
some 14 billion API calls, as one in seven consumers took • "Open Banking Goes to Washington: Lessons from
advantage of open banking tech. the EU on Data-Sharing Regimes," https://bit.ly/4cJiltL
• "Latest Impact Report shows strong growth and the
Therefore, it makes sense for financial institutions to work power of payments," https://bit.ly/3WQ6hAU
with a testing partner who has the technology and know- • "Open Banking in Europe vs the US: Regulatory vs
how needed to conduct seamless testing across a range of Industry-Driven Approaches," https://bit.ly/3Ma9xlu
separate departments and third-party providers.
• "Stop talking about 'Open Banking,'" https://bit.
As we move toward implementation of the CFPB's Personal ly/3SQ2ZfI
Financial Data Rights Rule, details about standards Anthony Walton is the CEO of Iliad Solutions, which has extensive
will become clear. Thankfully, U.S. innovators can feel experience in implementing new systems—from Faster Payments in
reassured that software is available to enable effective the UK to FedNow in the United States, as well as ISO20022 at global
testing right from the start of this new era in open banking. level. To find out more about Iliad's approach to supporting payments

innovation through world-class testing and certification, email info@
iliad-solutions.com.

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