Complete nonsense and incompetence from the government on yet another half arsed IT initiative.
The government want banks to create an interface to allow third parties to access your bank account details – its easy to understand why a BBC employee finds this incomprehensible with their monstrous wealth at the humble licence fee payers expense, but it is actually bad for decent people too.
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Britain’s high street banks have been ordered by the Competition and Markets Authority (CMA) to begin so-called “open banking” by early 2018.
Chair of the CMA Alasdair Smith tells presenter Justin Webb that open banking, which can be accessed through a mobile phone application, will “radically change the relationship between banks and their customers”.
Chair of the CMA Alasdair Smith outlines plans to create “open banking”
Source: BBC Radio 4 – Today, Retail banking to ‘radically change’
