The International Telecommunication Union (ITU) officially approved the very-high-bit-rate digital subscriber line 2 (VDSL2) standard. The new VDSL2 Recommendation (ITU-T G.993.2) delivers up to 100 Mbps both up and downstream, a ten-fold increase over "plain vanilla" ADSL. Yoichi Maeda, chairman of the ITU Telecommunications Standardization Sector (ITU-T) Study Group responsible for the work, said: "We have leveraged the strengths of ADSL, ADSL2+, and VDSL to achieve the very high performance levels you will see with VDSL2. This new standard is set to become an extremely important feature of the telecommunications landscape, and is a landmark achievement for our members, many of whom are relying on this Recommendation to take their businesses to the next level."
The Open Banking business model has been advantageous for Third-Party Providers (TPPs), helping them to extend their offerings into other areas of financial services with new capabilities. Open Banking is also advantageous for traditional banking institutions, despite the perceived loss of custodianship over their data, by providing greater accessibility to more bank services. Furthermore, Open Banking can help serve Mobile Internet providers that are able to leverage it to create tailored services according to customers’ preferences and/or economic limitations. Open Banking Market Development Since traditional banking services are made more convenient by TPPs via greater data access, customers can proactively manage their finances and shape the development of new financial offerings. This is particularly noticeable in the realm of Digital Payments, where retail merchants and customers transact through eCommerce, which has the greatest number of use cases for Open Banking. These includ