forcing customers to wait days or weeks before transacting while raising risks of mail fraud and theft .
Leading banks now increasingly offer instant digital card provisioning directly through customers ’ mobile banking apps , allowing transactions to begin immediately . While this introduces potential cybersecurity risks , innovations like tokenisation and biometric authentication help mitigate those concerns .
Capabilities like digital wallets , wallet push provisioning and card controls also improve security by avoiding physical card information sharing .
Elias Ghanem The EU leads the path for open banking . With its regulators actively shaping the frameworks and governing policies , it has provided a blueprint and practical evidence for further global adoption .
Recently , the EU has introduced proposals for PSD3 and PSR , marking an update to the PSD2 aimed at improving open banking competitiveness among other objectives .
Globally as well , open banking has been growing . A significant development is that , in the US , the CFPB is working on a new personal data rights rule intended to give consumers the right to control their personal
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