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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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Aditya Deshpande Senior Software Engineer at PayPal
What is Open Banking? Consider Open Banking as a means of safely linking your bank account to applications that assist you with bill payment, spending tracking, money management, and even loan applications. Open Banking lets many apps access your bank information with your consent without jeopardizing your security. Thus, you can view everything i...
21 November 2024
Steve Morgan Banking Industry Market Lead at Pegasystems
In 2017, the UK introduced open banking, a concept born from an initiative by the Competition and Markets Authority (CMA) aimed at improving retail banking. The CMA required the nine largest retail banks in the country to open up customer data sharing through secure data portals. As of September 2024, this initiative achieved a significant milesto...
30 September 2024 /payments /retail
Martynas Bieliauskas Founder & CEO at Klarpay AG
Even the smallest digital business is now a potential multinational. Whether it’s a vintage clothes retailer trading on Depop or a digital creative selling through a self-built website, customers can come from anywhere in the world. That was always the promise of the online revolution – to supercharge globalisation by removing the barriers to cros...
23 July 2024 /payments
Nick Stephens Commercial Lead & Head Of Enterprise Partnership at Amdaris
The UK is one of the leading countries in the world for open banking. Launched in the country in 2018, now, according to the JROC, “over 7 million consumers and businesses [...] are using innovative open banking enabled products and services to manage their money and to make payments”. Open banking is all about data sharing, innovation and collab...
20 May 2024 /payments /inclusion
Jamel Derdour CMO at Transact365 / Nucleus365
In recent years, the financial industry in the UK and Europe has undergone a significant transformation driven by a number of factors including the advent of open banking. This innovative approach to banking not only promises greater convenience for consumers but also spurs innovation, and facilitates financial inclusion. As open banking continues...
14 May 2024 /payments /markets
Riaz Syed CEO at infinant
Coreless banking represents a groundbreaking paradigm shift in the world of banking, aiming to revolutionize how financial institutions operate. In a nutshell, it is about embracing a system that gives banks the ability and flexibility to build and customize products on a single platform. This strategy enables a wide range of innovations, from ban...
07 March 2024 /regulation /wholesale
Retired Member
Pay by Bank, that includes the popular Account-to-Account (A2A) payment method, introduces a streamlined, cost-effective, and instantaneous payment solution for both merchants and consumers. Our blog delves into the myriad benefits, potential hurdles, and the evolving landscape of Pay by Bank adoption. In an increasingly crowded payment ecosystem ...
29 February 2024 /payments /inclusion
Boris Bialek Field CTO, Industry Solutions at MongoDB
Open banking, also known as open finance, is transforming the banking industry with financial institutions embracing greater transparency and collaboration, while also driving product innovation. In fact, the number of individuals utilising open banking services is expected to reach 132.2 million this year – a trend which is already stimulating c...
28 February 2024 /payments /cloud
Helen Child Founder at Open Banking Excellence
The opportunities that a truly global Open Banking ecosystem would create for businesses and consumers are almost limitless. The more interoperable the ecosystem is, the greater the possibilities are for innovation and growth to snowball as new ideas collide on the international stage. The potential market is huge. In the UK, the number of Open B...
21 February 2024 /payments
The emergence of Variable Recurring Payments (VRPs) marks a significant milestone in the realm of open banking payments. These innovations are not only elevating security standards but also enhancing user experiences, granting consumers more authority over their transactions, and providing businesses with quicker, more cost-effective, and reliable...
09 February 2024 /payments /inclusion
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