Revolut’s announcement in early February to partner with TrueLayer on open banking aggregation could prove to be one of their...
Open Banking in Brazil marked its first anniversary on February 1, 2022 – and the South American nation is looking set to strengthen its position.
According to a new independent review of UK based Co-operative Bank by Canadian central banker Mark Zelmer banks runs in...
La promesa del open banking todavía no se hace “tangible”, sostiene el responsable de banca digital e innovación de HSBC México.
Marcos Cavagnoli, Digital Cash Management & Open Finance Director at Itaú Unibanco and Itaú BBA, provides key insights about Open Banking in Brazil and the paths goin
As the date for open banking nears Banks and their digital only challengers are bracing for a new era of banking in Europe; writing an opinion piece in AltFi Lewis Hill of Instinctif Partners explains how digital only banks will need to explain their value proposition to the consumer to take advantage of the new rules; banks are still struggling with legacy technology and poor consumer ratings; the time is now for challengers to truly disrupt the incumbent players. Source.
Lloyds Banking and Halifax customers will now be able to see other current accounts from banks like HSBC, RBS and...
Open Banking has reached one year in the UK and the initiative is proving to be challenging and effective; the...
Open Banking, seen as a potential game changing regulatory change, is set to launch in the next few days in the UK; Open Banking requires banks to allow fintechs and other third parties to have access to customer data if the consumer agrees to grant access; the new law will allow for a safer data exchange, in the past consumers shared their login details and third parties scraped the data, and standardize access across the UK and Europe; while banks have pushed back on the coming change this will allow customers to better control their information and tailor services to their lifestyles. Source.
There is no standard for data sharing between banks and fintechs which often results in screen scraping; this leads to concerns around data security and is also an inefficient way to gather data; the Financial Services Information Sharing and Analysis Center released an updated version of their recommendations around data sharing called the Durable Data API specification; this could eventually become the standard adopted by the industry; American Banker compares this to PSD2 in the UK and shares more about the new specification. Source