Member Since: 28th Jul 2021
A qualified accountant, Aerospace Engineer and former senior executive in the banking industry, with roles at Sun Technologies and Citi, Richard is now CEO of Armalytix, a business that uses Open Banking to help businesses share relevant financial information to accountants and lawyers.
6th Aug 2021
I certainly agree that the 90-day reauthentication issue is a tricky one - balancing regulators' desire to ensure that consumers do not grant access that they then forget about with the ability to ensure ongoing access is something that has been debated since PSD2 was first applied, and I definitely do not think the current set up is ideal. Armalytix is one of several industry members working closely with the FCA through the Financial Data Association (FDATA) to improve the application of the 90-day reauthentication requirement, and as mentioned by a reader below, it looks likely that the 90-day rule will soon be changed to remove the need for consumers to reauthenticate with their bank each time, instead being able to reauthenticate only once with the Open Banking provider such as Armalytix. Whilst this would be a big step forward, we have in fact gone further than this and proposed a delegated authority model whereby consumers will be able to authorise trusted advisors such as accountants and lawyers to reauthenticate on their behalf, which we would expect to remove almost all the friction associated with the process.