Open banking

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CMA mandates ‘Sweeping’ in big win for UK Open Banking

/payments

CMA mandates ‘Sweeping’ in big win for UK Open Banking

The Competition and Markets Authority (CMA) has ruled in favour of the Open Banking Implementation Entity’s (OBIE) recommendation to mandate Variable Recurring Payments (VRPs) as the mechanism for implementing Sweeping, injecting a further element of competition into the Open Banking market and ending years of opposition from some of the UK's biggest banks.

Danish pension fund Velliv rolls out open banking payments with Aiia

/payments

Danish pension fund Velliv rolls out open banking payments with Aiia

Danish pension fund Velliv has teamed up with open banking platform Aiia to let its 360,000 customers top up their pension funds instantly.

White House encourages CFPB to roll out bank data sharing rules

/regulation

White House encourages CFPB to roll out bank data sharing rules

President Joe Biden is encouraging the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data and take it with them.

P27 Nordic Payments secures merger approval from EU Commission

/payments

P27 Nordic Payments secures merger approval from EU Commission

The European Commission today announced merger approval for the P27 Nordic Payments initiative to establish its pan-Nordic payments platform. This approval marks a significant milestone for the initiative which is working toward the creation of a common payments infrastructure across the Nordic region.

Direct Line founder backs Moneyhub

/retail

Direct Line founder backs Moneyhub

UK Open Finance platform Moneyhub has raised $18 million in a funding round led by the founder of Direct Line and Esure, Sir Peter Wood.

Revolut chasing $1bn in fundraising - reports

/startups

Revolut chasing $1bn in fundraising - reports

UK challenger bank Revolut could be in line for a $1 billion (£750 million) capital injection which would make it one of the most valuable fintechs in Europe.

EBAday 2021: Payments innovation and the benefits cascading down the waterfall model

/payments

EBAday 2021: Payments innovation and the benefits cascading down the waterfall model

EBAday 2021 has flown by, and the sessions throughout day three of the event served to build on the momentum from day one and two. Another punchy strategic roundtable addressed the need for industry-wide collaboration to drive payments innovation, while two boisterous chatrooms tackled the weighty subjects of Open Banking, CBDCs and stablecoins.

EBAday 2021: Modernisation, a catalyst for payments utopia

/payments

EBAday 2021: Modernisation, a catalyst for payments utopia

With day two now under our belt, we are only just beginning to digest the eyewatering number of insights shared across six panel sessions, two roundtables, a lively chatroom forum and of course, non-stop networking on the EBAday platform.

BaaS to make a splash - survey

/wholesale

BaaS to make a splash - survey

Banking-as-a-Service and embedded financial services are set to have a notable impact on the industry in the next 12 months, according to a global survey from Finastra.

EBAday 2021: The next chapter for Open Banking in Europe

/payments

EBAday 2021: The next chapter for Open Banking in Europe

With the payments industry in a state of post-pandemic flux, it is difficult to predict what the next iteration of Open Banking will take across Europe.

Open payments firm Volt raises $23.5m

/startups

Open payments firm Volt raises $23.5m

London-based open payments gateway Volt has raised $23.5 million in a Series A funding round led by EQT Ventures.

Governor Bailey encouraged by progress around ‘critical innovation’ of CBDC

/regulation

Governor Bailey encouraged by progress around ‘critical innovation’ of CBDC

At the launch of the Bank for International Settlements’ (BIS) fourth Innovation Hub in London, Governor Andrew Bailey expressed positivity around the work currently being carried out by the Bank of England on central bank digital currencies.

EBAday 2021: full event agenda now released

/payments

EBAday 2021: full event agenda now released

The Euro Banking Association and Finextra’s full EBAday agenda is now live, boasting a jam-packed programme throughout the virtual event from June 28-30.

Latin American open banking startup Belvo raises $43m

/devops

Latin American open banking startup Belvo raises $43m

Mexico City-based Open Finance API platform Belvo has raised $43 million in a Series A funding round.

EBAday 2021: Request-to-Pay most useful in Customer-to-Merchant payments

/payments

EBAday 2021: Request-to-Pay most useful in Customer-to-Merchant payments

Having been touted as the ‘missing piece of the instant payment puzzle,’ many are keenly interested in the potential Request-to-Pay holds for streamlining payments, improving customer experience, and optimising liquidity through better cash management and visibility.

EBAday 2021 speaker line-up released

/payments

EBAday 2021 speaker line-up released

A blockbuster speaker line-up has been announced for Finextra and the Euro Banking Association’s upcoming EBAday event for 2021.

US Bank and Plaid ink data sharing deal

/retail

US Bank and Plaid ink data sharing deal

US Bank has teamed up with Plaid to enable the lender's millions of customers to connect their accounts to third party apps.

First Direct taps Bud to boost app transaction data

/retail

First Direct taps Bud to boost app transaction data

First Direct has enlisted open banking specialist Bud to add transaction categorisation and merchant identification services to its mobile app.

Open data will catalyse the UK’s progress to net-zero

/sustainable

Open data will catalyse the UK’s progress to net-zero

Data sharing is key to designing financial instruments and creating demonstrable Net Zero results, noted Gavin Starks, CEO of Icebreaker One, in a FinextraTV interview.

EBAday 2021: Driving correspondent banking success through wider adoption of instant payments

/payments

EBAday 2021: Driving correspondent banking success through wider adoption of instant payments

The shift toward instant payments will undoubtedly provide benefits for consumers, but it is the benefits for institutions and corporates that are likely to revolutionise financial services. However, to reap these benefits financial institutions must navigate the maze of deadlines and coinciding schemes in a proactive manner.

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