EMANUEL VAN PRAAG | Professor of Financial Technology and Law, Erasmus School of Law, Erasmus University Rotterdam, and Attorney-at-Law, Kennedy Van der Laan
EUGERTA MUÇI | PhD Candidate – Open Finance, Erasmus School of Law, Erasmus University Rotterdam

Open Finance is a new development in the financial services industry that entails the sharing, access, and reuse of customer (business and consumer) data with customer agreement across, and in order to provide, a wide range of financial services. This article explains a number of use cases of “Open Finance” in order to understand its potential and then discusses some important aspects of this regime, which are still to be decided upon by the legislator. The advantages and disadvantages are explained in order to have a critical view of this development in the financial services industry. The article concludes with a number of recommendations for financial institutions.