Finextra Research: Latest fintech news, analysis, interviews, features and opinion by industry experts

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.

07 December 2020

News/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.

04 December 2020

News/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.

03 December 2020

News/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.

02 December 2020

News/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.

01 December 2020

News/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.

30 November 2020

News/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.

25 November 2020

News/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.

24 November 2020

News/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).

24 November 2020

News/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.

23 November 2020

News/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.

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