News

Liberis has taken advantage of Open Banking technology to increase funding access for SMEs by using it to process a full funding application. The alternative finance provider worked with fintech OpenWrks after it was granted access by the customer to see their bank account transaction data in real time. This allowed Liberis to see a…

Citi is set to become the first corporate bank to use the UK’s new Open Banking regime to enable its business clients to receive small payments directly from their UK customers’ bank accounts.  Open Banking rules require European banks to give third parties access to their customer data, if the account holders agree. The changes,…

New research from Unisys Corporation (NYSE: UIS) into Australia’s banking industry reveals that almost a third of Australians are willing to support data sharing in an open banking environment, but only if privacy and security concerns are addressed. The research also found Australian consumers are less willing than those in other Asia Pacific countries to…

NorthRow extends remit to provide verification checks of FinTech and financial organisation users for Open Banking across European Union and globally. NorthRow (a Contego solutions business), the RegTech and compliance specialist, has been chosen by the UK’s Open Banking Implementation Entity (the ‘OBIE’), to verify its users in the European Union and the rest of…

Mastercard has unveiled a suite of services to help banks and fintechs navigate the Open Banking terrain. The programme seeks to address the liability worries of banks sharing their data with third parties and to help startups to better communicate with their banking partners. For banks, Mastercard is building a pan-European directory of verified and…

The announcement by the Competitions and Market Authority (CMA), in August to implement Open Banking is set to transform how data is shared and how traditional banking is managed by the bank and the customer. This new regime will give people a much better understanding of the benefits they can receive from their bank through transparent, clear and…

Hong Kong and London-listed Standard Chartered plans to apply for a virtual bank licence, making it the first traditional bank seeking a licence locally to operate purely online without physical branches. The Hong Kong Monetary Authority last month announced details on its virtual bank licences and set August 31 as the deadline for the first…

Open Banking took a big step towards mainstream public acceptance recently when HSBC unveiled a smartphone app that lets consumers take advantage of the initiative. But Open Banking is a new concept that is still unfamiliar to many consumers. Here, Telegraph Money breaks down what it is and what options are available to consumers. What…

Bank customers will be able to use their complete transaction histories from July 1 next year to get a better deal on savings accounts and credit cards in a gradual introduction of the open banking regime, which challengers say will put downward pressure on borrowing costs. The government has accepted the banks’ argument for a…

Deutsche Bank announced on Monday it would launch a joint project with airline industry association, International Air Transport Association (IATA), to test a disruptive new payment model. The new system for web-based ticket sales to passengers was scheduled to be rolled out across Europe from the end of 2018. The German aviation market was expected to…