The opening speech at the Open Data Internet Day “Fintech Open Banking Technologies – Open Banking Protocols” was given by the Governor of the Bank of Greece Giannis Stournaras.
Mr. Stournaras specifically referred to the importance of open data in the era of digital transformation, but also to the Open Data Portal which has been launched by the BoG since 2018, pioneering in relation to many other central banks.
More specifically, the BoG governor stated:
It is with great pleasure that I welcome you in turn to today’s Open Data conference “Fintech Open Banking Technologies – Open Banking Protocols”.
In the age of digital transformation we are going through, open data is gaining importance as new possibilities open up and offer multiple benefits.
Open data means the data available under a certain license, so that anyone can use, reuse and redistribute them as such, with the sole restriction of reference to their source or their availability under the same conditions as the original. work. This data is available in a standard format using relevant “open source” specifications, so that it can be easily retrieved by search engines, processed by computer applications and enabled to be reused mechanically.
Open data offers significant benefits for both the data provider and the recipients of this data. Searching for information becomes faster and more efficient for anyone interested. The internal and external transparency of an organization is enhanced. Scientific research and experimentation are facilitated, promoting the development of innovative ideas and products. Innovation in turn leads to the creation of new businesses and new jobs, enhanced competition and the provision of better products to consumers. Finally, the opening of public sector data allows citizens to exercise control over public services and contributes to their more active participation in public life.
Recognizing the value of open data, in July 2018 the Bank of Greece launched the Open Data Portal. Through the Portal, statistical data sets are available to researchers and the general public in a format that allows them to be read and processed directly by computers. The collection, processing and publication of the Bank’s open data are carried out according to international standards. By July 2021, when it completed its third year of operation, the Portal had been visited by a total of 40,000 users, of which over 30% from abroad. The content of the Portal includes over 3,000 files and continues to be enriched with new datasets, such as the Gold Price Sheets and Gold Coins.
The operation of the Portal makes the BoG a pioneer among the national central banks in the field of open data. Continuing in this direction, the BoG intends to hold a datathon competition in the Fall of 2022, in search of innovative solutions using open data.
Like open data, open banking promotes innovation, transparency and efficiency, especially in the financial sector. A milestone for the development of open banking in the European Union was the adoption of the PSD2 Directive, which has been fully incorporated into Greek legislation. PSD2 requires the opening of banking data for payment purposes. In other words, credit institutions are required to give third-party payment service providers access to their customers’ payment account information, with the consent of the latter through application programming interfaces (APIs), opening the field for new products and services. The Bank of Greece has taken an active role in evaluating the interconnection mechanisms between banks and third party providers in accordance with the guidelines of the European Banking Authority, while ensuring the monitoring and removal of any barriers to access to payment accounts. The benefits are tangible: new providers have already been activated under the PSD2 regime in the Greek market, and more are expected in the future.
Following today’s event, you will have the opportunity to hear more details about open data, open banking and innovation. I look forward to hearing the views expressed by the speakers we have with us today. ”
Source: Capital
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