News

The Open Banking system was designed to give consumers more control over their financial information and access to a wider range of products and services. However, there have been concerns over the general safety of consumer data as we approach this new banking revolution. Below are some of these concerns: One of the principle concerns…

Seven months have passed since the U.K.’s biggest banks were mandated to release open APIs for their customers’ account information under open banking and European Union PSD2 regulation. The process was completed by mid-April, but it fell short of creating a truly open system for data sharing. One of the main aims of open banking…

UK high street retailers are struggling with customer footfall because of technological advancements in recent years, ensuring that consumers have easier, faster and cheaper ways of purchasing what they need. While this is just a marker of transformation through innovation, what hasn’t changed is that customers still want to use services provided by companies that…

Source: Telegraph Britain’s big lenders have been criticised for their slow take-up of so-called “Open Banking” reforms designed to spark a digital revolution in banking. The rules kicked in at the start of the year to make it easier for people to move their financial data to rival service providers. They are being enforced on big…

German fintech firm Deposit Solutions is targeting an initial expansion into the Swiss market after successfully raising $100 million at its recent investment round. The Hamburg-headquartered firm pioneeringly allows people to access the best interest rates from different banks without having open new accounts with each lender. This round of fundraising was led by European…

Across the world, the trend towards open banking regulation is clear – and is rapidly gaining traction and momentum. In Europe we’ve seen the launch of PSD2 for the EU and CMA Open Banking in the UK. In Asia Pacific there have been Open API regulations e.g. Hong Kong’s HKMA and Australia’s open banking initiatives…

Source: FreeAgent FreeAgent, the award-winning, and innovative cloud accounting software provider, has received new credentials from the UK’s Financial Conduct Authority (FCA) enabling it to provide Open Banking services to freelancers, contractors, micro-business owners and their accountants. The company is now registered as an official Account Information Services Provider (AISP) under the terms of PSD2…

Key findings: Millennials most open to managing personal finances online but more likely to want the human touch, too   Over half of 25-34 year olds (53%) are comfortable using an online service to manage their personal finances 54% of 25-34 year olds like the idea of a service that takes into account their wider…

Source: IT News Banking and insurance retailer Suncorp has vowed to turn its recently launched $100 million digital marketplace platform into a spearhead to seize market advantage under Australia’s new open banking regime. The bold play will also look to rapidly on-board new third party services – think fintechs and loyalty apps – as a…

When the future global banking landscape is discussed, many predict banking arms from the global internet giants. But why has this prediction not yet come to pass?   Amazon, Apple, Facebook, Google and Microsoft have long been touted as the natural heirs to the retail banking crown and yet their arrival has been prematurely predicted…