Latest Open banking News: Finextra Research

TrueLayer enters five new European markets

UK open banking platform TrueLayer has expanded to five new European markets.

27 January 2022

Saudi fintech Lean raises $33 million

Lean Technologies, a Saudi fintech firm whose founders include the son of the kingdom’s former oil minister, Khalid Al-Falih, has raised $33 million in a Series A funding round led by Sequoia Capital India.

24 January 2022

News/crypto

Numbrs converts into bitcoin vault, blaming banks for demise of original business model

Zurich-based account aggregation app Numbrs has transformed into a bitcoin storage vault after blaming jealous banks for killing off its original business model.

19 January 2022

News/retail

OBIE celebrates 4.5 million users on open banking anniversary

Marking the fourth anniversary of PSD2 becoming a regulatory requirement across the EU, the UK’s Open Banking Implementation Entity (OBIE) has issued a statement citing substantial adoption of the initiative across 3.9 million consumers and 600,000 small businesses.

13 January 2022

News/predictions

Starling pulls Facebook advertising; preps SaaS offering

Starling CEO Anne Boden says the bank has pulled all paid advertising on Facebook and Instagram until Meta tackles fraudsters advertising on its platforms. In her annual letter, Boden also confirms the planned launch of a Software as a Service (SaaS) proposition during 2022.

07 January 2022

News/retail

Fintech founders accuse Starling's Boden of trying to stifle innovation

Starling Bank chief Anne Boden has been accused by 53 fintech founders of trying to thwart innovation in financial services, following her comments to a Treasury Select Committe that Open Banking has failed to encourage bank account switching.

04 January 2022

News/payments

NatWest initiates first live Variable Recurring Payment transaction

NatWest has become the first UK bank to conduct a live transaction using Open Banking-initiated Variable Recurring Payments.

15 December 2021

News/people

OBIE seeks CEO

The Open Banking Limited (OBL) board is seeking a CEO to lead the day-to-day running of the Open Banking Implementation Entity (OBIE) and its transition to an entity that will observe the CMA’s next consultation on future governance arrangements.

10 December 2021

News/predictions

Open Banking adoption in UK lending set to hit 70% in next two years

A quarter of UK lenders now use Open Banking technology, with half of those that don't planning to do so in the future, according to research from Credit Kudos.

10 December 2021

News/people

Wise replaces chair with ex-Netflix CFO

Money transfer app Wise has named David Wells, the former CFO of Netflix, as the chairman of its board of directors.

09 December 2021

News/startups

Visa invests in Latin American open finance startup Belvo

Visa has invested in Belvo, backing up a recently-announced partnership with the Mexico City-based open finance API platform.

08 December 2021

News/regulation

New York Fed opens innovation centre

The Federal Reserve Bank of New York has launched an innovation centre in a partnership with the Bank for International Settlements (BIS).

01 December 2021

News/regulation

FCA boosts Open Banking by removing 3-month re-authentication requirement

Fintech firms will no longer need to re-authenticate customers every ninety days for continued access to bank account data, but they will need to prove customer consent, under modifications to Open Banking rules spelled out by the Financial Conduct Authority.

30 November 2021

News/payments

Visa invests in Australian Open Banking platform Basiq

Australian Open Banking platform Basiq has received an equity investment from Visa, continuing the trend for card schemes to invest in technology that threatens to bypass their traditional payment rails.

24 November 2021

News/wholesale

Tide to open business platform to SMEs with accounts at other banks

In a bid to counter account switching fatigue, Tide is opening access to its suite of business banking tools to SMEs who hold accounts with other banks.

24 November 2021

News/startups

Open finance challenge winners unveiled

An Australian startup working to green the housing market has won a global open finance challenge run by NAB, CIBC, Itaú Unibanco and NatWest.

23 November 2021

News/regulation

CMA delays open banking 'sweeping' timetable

The UK's Competition and Markets Authority has agreed to push back the introduction of Variable Recurring Payments (VRPs) for sweeping services by six months after accepting that the country's big banks won't meet the target date of January.

16 November 2021

News/retail

Volt ships white-labelled BaaS app

Australian neobank Volt has joined with Open Banking intermediary Frollo to jointly build and launch a new white-labelled banking-as-a-service (BaaS) app that is fully integrated with its core banking system.

15 November 2021

News/startups

Open Banking platform Tarabut Gateway lands $12 million pre-Series A round

Tarabut Gateway, the Dubai headquartered Open Banking platform, has concluded a $12 million pre-Series A round, led by Tiger Global.

02 November 2021

News/retail

PensionBee streamlines retirement savings with Plaid Open Banking connection

PensionBee and Plaid have come together to expand the remit of Open Banking to the traditionally complex, paper intensive and slow processes associated with pension contributions.

28 October 2021