Quiz: How much do you know about open banking?

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This is a chance to put your open banking chops to the 17-question test and see how much of an expert you really are! Test your knowledge!

Answers:

📗 15-17 Correct:

Wow! You know a lot about open banking 🎉 We are proud of you!

📙 6-14 Correct:

You know quite a bit about open banking, but it’s a massive world of information and there’s so much more to learn. Check out our list of 15 experts who share information about open banking to get started with broadening your knowledge of the subject.

📕 Fewer than 6:

You’re still new to the world of open banking — lucky you! It means you get to dive headfirst into a field that’s booming in popularity right now. There’s a ton of information out there and we suggest you start with our introduction to open banking here.

For more updates and analysis on open banking, follow Kontomatik on Twitter or LinkedIn

1. What is Open Banking? *

1 point

The term to describe how users digitally access bank accounts on their smartphones or computers

A type of entirely-online financial institution

A system that allows third parties access to financial data through APIs

The theory that more banking information should be available to third parties

2. What is AIS? *

1 point

Account Information Service – a service that provides consolidated information on a user’s payment accounts

Accessible Information Service – A service that ensures a user’s personal and banking information is compiled and readily available

Account Information Standard – A standard set of rules that dictates how a user’s banking information is accessed and shared

Account Information Securing – The process by which account information is privately stored and secured.

3. As part of AIS (Account Information Service), clients may consent not only to one-time access to the transaction history, but also consent to update data on the account for the next several dozen days. How much exactly?
*

1 point

120

4. Which entities can access my bank account under AIS (Account Information Service) open banking?
*

1 point

Just banks

Any company that requests it from a bank

Banks, regulated financial institutions and authorized companies that a customer has granted access to

Only AISPs

5. SCA is: *

1 point

Strong Customer Authentication

Safe Customer Authentication

Safe Client Authentication

Strong Customer Authorization

6. API stands for: *

1 point

Application Programing Interface

Account Processing Information

Application Processing Interface

Account Personalization Information

7. PSD2 stands for: *

1 point

Payment Standard Definition 2

Payment Services Directive 2

Payment Standard Directive 2

Payment Security Diameters 2

8. What is RTS? *

1 point

Regulatory Technical Sets

Routine Transfer Security

Regulatory Technical Standards

Registered Technical Standards

9. Why was RTS created?
*

1 point

To give banks another way to verify customer identity

To make it harder for third party service providers to access user data

To define a standard of stringent security measures which ensure user data is kept secure and private

To loosen security measures surrounding data sharing, making user data more easily accessible to outside parties.

10. What is the so-called “fallback mechanism”?
*

1 point

A contingency plan for users in the event they are unable to verify their identity or banking information

A required contingency plan banks must have in case of an API failure, which includes information on how the API will be fixed and alternative means of accessing information that are available to TPPs in the meantime.

A plan the EU commission has put into place to safeguard against and address general failures with PSD2

A system put in place by Third Party Providers to further protect user data

11. Can customers withdraw consent to access their bank accounts? *

1 point

Yes

12. What customer banking information does an API return upon request?
*

1 point

Customer name

Account transactions with details

Current account balance

All of the above

13. When was the first iteration of PSD adopted? *

1 point

2015

2007

2018

2009

14. Which department oversees PSD2 and open banking regulations for the EU? *

1 point

The European Commission

The UK Financial Conduct Authority

European Court of Auditors

Ministry of Economics and Finance

15. What are PISPs? *

1 point

Personal Internet Service Provider

Payment Initiation Service Parcel

Personal Internal Safety Protocol

Payment Initiation Service Provider

16. What do PISPs do?
*

1 point

They initiate a payment on the request of a Third Party Provider

They initiate a bill payment or money transfer on behalf of a user – transferring the money directly from that user’s bank account to a recipient.

They work with banks to ensure information on an account holder’s payments is shared with TPPs upon request

They work with loan companies and other lending institutions to request outstanding payments from clients.

17. What do experts think PSD3 may include? *

1 point

Greater API standardization

Strengthening fraud prevention

Better unification across European markets

All of the above

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