Latest Open banking News: Finextra Research

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.

13 November 2020

News/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.

12 November 2020

News/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.

11 November 2020

News/devops

Société Générale CIO: how BaaS is future-proofing banking business models

Claire Calmejane, chief innovation officer of Société Générale, tells Finextra Research that Banking-as-a-Service platforms are playing for both sides of the field with both greenfield and incumbent banks future-proofing their businesses against the evolving face of financial services.

30 October 2020

News/wholesale

Multi-user access for Tide customers on the horizon

The chief technology officer of Tide has addressed concern by its customers that the platform does not offer multi-user access to its accounts.

29 October 2020

News/devops

WEF executive: Traditional finance business model no longer working

Simon Torrance, senior adviser at corporate innovation firm, Rainmaking, claims that the traditional financial services business model is no longer working.

28 October 2020

News/people

TrueLayer enters Australian Open Banking market

UK Open Banking startup TrueLayer has hired Brenton Charnley to lead its push into the Australian market.

23 October 2020

News/retail

EBAday 2020: Open Banking – where do we go from here?

Recent research from ING suggested that consumers remain suspicious and uninformed about open banking despite it now being firmly embedded into the financial services ecosystem across parts of Europe and elsewhere.

16 October 2020

News/startups

Nesta names Open Banking challenge winners

UK innovation agency Nesta has named Mojo Mortgages, Moneybox, Plum and Wagestream as the winners of its £1.5 million open banking competition.

14 October 2020

News/startups

UK's Tech Nation announces latest fintech cohort

Thirty one UK scaleups have been selected to participate in the third cohort of Tech Nation's fintech programme.

23 September 2020

News/retail

Italy's illimity buys 50% stake in Banca Sella's open banking unit

Italian digital bank illimity has reached an agreement to buy a 50% stake in Hype, the open banking outfit owned by Banca Sella.

22 September 2020

News/crypto

Investors to increase allocation to crypto assets

The growing number of startups offering crypto investment services will be buoyed by news that institutional investors are set to increase the amount of capital they spend on crypto assets.

22 September 2020

News/payments

ClearBank dances on the cloud’s silver lining thanks to Covid-19

For the latest feather in its cap, the cloud-based ClearBank became the first clearing bank to offer multi-currency bank accounts via API. Partnering with JP Morgan, ClearBank will offer clients the ability to move funds between accounts through an API-based connection to JPMorgan, but this is just one step in what promises to be a period of strong growth for the firm.

22 September 2020

News/inclusion

Finastra to prioritise tackling financial exclusion and SME funding issues

As part of its accelerated innovation mission and open cloud platform strategy, Finastra has set forth a plan to support nine million lives around the world and focus on resolving the SME funding gap, inequality in financial services and financial exclusion.

22 September 2020

News/startups

TrueLayer raises $25m

UK Open Banking startup TrueLayer has raised $25 million in a Series C funding round joined by Anthemis, Connect Ventures, Northzone and Temasek.

21 September 2020

News/retail

Tink selects OpenWrks aggregation platform

Swedish open banking outfit Tink has purchased the aggregation platform of UK firm OpenWrks in a bid to further expand its European presence.

21 September 2020

News/wholesale

The fintech barbarians are no longer at the gate - they’ve been invited inside

The paradigm of challengers and incumbents should be revisited in the light of widespread collaboration between the two, according to Tony McLaughlin of Citi and Mike Massaro, CEO of Flywire.

18 September 2020

News/startups

Aussie startup unveils open banking-powered corporate credit card

Australian working capital startup Cape is preparing to launch a corporate credit card powered by Open Banking technology early next year.

18 September 2020

News/regulation

Open banking regtech Konsentus closes funding round

Konsentus, a UK regtech startup focused on helping financial institutions be compliant with open banking requirements, has closed a multi-million pound pre-Series A investment round led by Conviction Investment Partners.

16 September 2020

News/crypto

Lagarde makes case for digital euro

The president of the European Central Bank, Christine Lagarde, has suggested that the Euro Zone's central bankers are close to making a decision on whether to press ahead with the development of a central bank digital currency (CBDC).

11 September 2020