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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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Alessio Balduini CEO and Founder at Credit Data Research
Mounting evidence suggests that losses from the Bounce Back Loan Scheme (BBLS) could have been drastically reduced if Open Banking tools had been used from the outset to verify applicant information. According to government estimates, fraud and error account for about 6.8 percent of BBLS loans—funds that might have been better protected by real-ti...
24 February 2025 /ai /crime
Andrew Bonsall COO at AperiData
Getting income verification right is critical, yet traditional methods often fall short. Payslips and bank statements, while useful, only offer periodic glimpses into a person’s financial situation. They’re prone to delays, inaccuracies, and even manipulation—leaving businesses to make critical decisions based on outdated information. This is wher...
18 February 2025
What happens when over 5 million* UK residents are unable to access mainstream credit? The issue is more significant than it seems. These 'credit invisible' individuals—ranging from freelancers to those recently arrived in the UK—often have thin credit files that fail to represent their true financial situation. This creates a frustrating paradox...
11 February 2025
Ugne Buraciene Group CEO at payabl.
It’s amazing that Open Banking, once a visionary concept, is now celebrating its seventh anniversary. When it launched in the UK in 2018, its mission was clear: to transform the financial services landscape by giving consumers and businesses greater control over their data, enhancing competition, and fostering innovation. Seven years on, it’s time...
16 January 2025 /payments
Kathiravan Rajendran Associate Director of Marketing Operations at Macro Global
The financial landscape is undergoing a seismic shift, driven by the impending implementation of Payment Services Directive 3 (PSD3) and Payment Services Regulation 1 (PSR1). The PSD3 timeline is uncertain, but finished versions are likely to be available by late 2024. The EU member states will have a two-year implementation phase, with instituti
04 December 2024 /payments /regulation
Victor Irechukwu Head, Engineering at OnePipe Services Limited
The financial services industry is undergoing a seismic shift, driven by Open Banking — a movement that promotes customer-centric banking through APIs. By enabling secure data sharing and seamless integrations between financial institutions and third-party providers, Open Banking unlocks new business models and customer experiences. However, th
29 November 2024 /payments /inclusion
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
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