Latest news

Lloyds steps up Open Banking surge

Source: Lloyds Banking Group Lloyds Banking Group has launched an app that allows customers to see their current accounts, savings and other features across three of its brands. The new app links Lloyds Bank, Halifax and Bank of Scotland accounts in real time. The group said that under the new system a Halifax current account will be able to see their Lloyds Bank credit card or savings account in their Halifax banking app. The system uses Open Banking technology, which operates through the Payment Services Directive and application programming interface rules. A change in European Union law at the start…

Lloyds steps up Open Banking surge

Source: Lloyds Banking Group Lloyds Banking Group has launched an app that allows customers to see their current accounts, savings and other features across three of its brands. The new app links Lloyds Bank, Halifax and Bank of Scotland accounts in real time. The group said that under the new system a Halifax current account will be able to see their Lloyds Bank credit card or savings account in their Halifax banking app. The system uses Open Banking technology, which operates through the Payment Services Directive and application programming interface rules. A change in European Union law at the start…

Mastercard seeks to break down trust barriers in Open Banking

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…

White paper: Open Banking

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…

Report- Open Banking Potential in Mexico

With the passing of the Law to Regulate Financial Technology Institutions (known as the FinTech Law) on 1 March 2018,1 Mexico became the first country to regulate its FinTech sector. This law lays the groundwork for an open banking standard (OBS) by requiring financial institutions to establish open application programming…

Standard Chartered says it will apply to operate a virtual bank in Hong Kong

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…

Open Banking: what are the options for consumers?

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…

The #openbanking journey continues

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…

Deutsche Bank pilots ‘disruptive’ payments solution for airlines

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…

Amazon Offers Retailers Discounts to Adopt Payment System

Amazon.com Inc. is offering to pass along the discounts it gets on credit-card fees to other retailers if they use its online payments service, according to people with knowledge of the matter, in a new threat to PayPal Holdings Inc. and card-issuing banks. The move shows Amazon is willing to…