Open banking

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BIS Innovation Hub targets CBDCs and green finance in 2021

/sustainable

BIS Innovation Hub targets CBDCs and green finance in 2021

An investigation into the use of multiple wholesale CBDCs for cross-border payments and a DLT prototype for the distribution of tokenised green bonds to retail investors are among the projects on the agenda this year for the Bank for International Settlements Innovation Hub.

Open Banking year three: Insights from the CMA9

/devops

Open Banking year three: Insights from the CMA9

The UK banking industry had its hands full in 2020 as institutions had to respond to lockdowns and other restrictions on business activity designed to curb the spread of Covid-19. What effect did this have on the ongoing adoption of Open Banking? In Finextra’s annual review, we look at how Open Banking has grown, what still needs to improve and what will happen next.

CES 2021: Stripe and Plaid reveal Covid-19 ‘pressed fast forward’ on digital payments acceptance

/payments

CES 2021: Stripe and Plaid reveal Covid-19 ‘pressed fast forward’ on digital payments acceptance

As Andrew B. Morris from The Fintech Agenda, LLC highlights at CES 2021, the dark clouds of Covid-19 had a silver lining for the fintech industry. Unicorns Stripe and Plaid supported the global shift to a contactless economy, helping businesses deliver products and services to consumers who had collectively formed new daily habits for everything. Ginger Baker and Erika Wool explain what's next for the payments giants.

SocGen acquires online car buying platform Reezocar

/retail

SocGen acquires online car buying platform Reezocar

Societe Generale has acquired Reezocar, a French online platform for buying used cars. Financial terms were not disclosed.

Banco Sabadell lets biz customers make payments from accounts with other banks

/payments

Banco Sabadell lets biz customers make payments from accounts with other banks

Spain's Banco Sabadell is stepping up its use of Open Banking to enable business customers to make payments from its website using accounts held with other financial institutions.

Dr Ruth Wandhöfer to chair PSR panel through Covid-19 recovery, Brexit and BoE RTGS renewal

/people

Dr Ruth Wandhöfer to chair PSR panel through Covid-19 recovery, Brexit and BoE RTGS renewal

Dr Ruth Wandhöfer has been appointed chair of the Payment Systems Regulator (PSR) panel amid the regulator’s increased relevance as a policy strategist between a diverse group of banks, payment service providers, fintech firms and consumer groups as a result of the coronavirus pandemic.

Singapore builds platform that lets people consolidate financial data

/retail

Singapore builds platform that lets people consolidate financial data

Singapore has launched a data exchange platform that lets people on the island consolidate their financial information held across different government agencies and banks.

Payments have become tech arms race say banks

/payments

Payments have become tech arms race say banks

The vast majority of banks (94%) believe that the Covid-19 pandemic has turned the payments market into a technology arms race for which they are unprepared.

Updraft raises £16m to help Brits break up with their credit cards

/startups

Updraft raises £16m to help Brits break up with their credit cards

Updraft, a London-based startup promising to help users ditch their credit cards, has raised £16 million in equity and debt.

Nutmeg joins Starling Marketplace

/wealth

Nutmeg joins Starling Marketplace

Two of the UK's most prominent fintechs are coming together as digital bank Starling adds robo-adviser Nutmeg to its marketplace.

Organisational alignment key to maximising open banking potential - survey

/retail

Organisational alignment key to maximising open banking potential - survey

Senior management at European financial institutions see an opportunity in open banking, but a lack of internal alignment risks holding firms back from realising its potential, suggests a survey from Tink.

CCAF, World Bank, World Economic Forum study into Covid-19 impact on fintech: A sneak peek

/startups

CCAF, World Bank, World Economic Forum study into Covid-19 impact on fintech: A sneak peek

In anticipation of the official launch, the Cambridge Centre for Alternative Finance (CCAF) invited industry participants to join an examination into the results of the Global Covid-19 Fintech Market Rapid Assessment Study, compiled in partnership with the World Bank and World Economic Forum.

EBAday 2020: ISO 20022 catalyst for banks to harness connected data

/payments

EBAday 2020: ISO 20022 catalyst for banks to harness connected data

The ISO standards roll-out and open banking will galvanise banks’ efforts to compete with data-driven big techs, despite “vagueness” about how best this might be accomplished.

EBAday 2020: Banks, fintechs or card networks, what will be disintermediated after cloud adoption?

/cloud

EBAday 2020: Banks, fintechs or card networks, what will be disintermediated after cloud adoption?

While day one discussions centred around how open banking needs to reach a point where it is just accepted as a conventional way that consumers, corporates and banks can manage their accounts and make payments, panel sessions on the second day of EBAday 2020 focused on how the cloud and Payments as a Service (PaaS) can also act as an enabler for open banking, potentially cutting out rails that are currently acting as intermediaries.

EBAday 2020: Open Banking will be a success when we stop talking about it

/payments

EBAday 2020: Open Banking will be a success when we stop talking about it

Open Banking’s success will be confirmed when it is longer talked about, according to Dan Globerson, head of open banking at NatWest.

Startups call for Open Finance to break the dominance of banks

/regulation

Startups call for Open Finance to break the dominance of banks

The UK needs to avoid an overly-standardised approach to Open Finance if it wants to break the dominance of banks and empower consumers, says a report from the Coalition for a Digital Economy (Coadec).

Can RtP offer the agile approach needed in the post-Coronavirus recovery?

/payments

Can RtP offer the agile approach needed in the post-Coronavirus recovery?

As the world recovers from the Coronavirus pandemic, it is assumed that financial institutions and other businesses will need to adopt new ways of working to navigate what is said to be one of the worst economic downturn in recent years.

How the cloud adds value to open banking business models and strategy

/cloud

How the cloud adds value to open banking business models and strategy

While open banking was initially regarded by many as a typical compliance exercise, following the implementation of the Second Payments Services Directive (PSD2), banks are now shifting gears and going beyond the regulatory requirements by leveraging the benefits of open APIs to cater to customer needs and innovate open banking business models.

Railsbank raises $37m

/retail

Railsbank raises $37m

Banking-as-a-Service platform Railsbank has raised $37 million in a funding round led by MiddleGame Ventures and Ventura Capital.

Open banking – an open shop but empty shelves

/devops

Open banking – an open shop but empty shelves

Banks that are struggling to harness the potentials of open banking can be compared to opening a shop and neglecting to fill it with any products that people want to buy, according to ABN Amro’s lead product owner.

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