Open APIs

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The third anniversary of Open Banking in the UK: A cause for celebration?

/retail

The third anniversary of Open Banking in the UK: A cause for celebration?

Three years on from the implementation of Open Banking in the UK and the technology is reaching maturity, with close to 300 third parties in the ecosystm and almost three million users among the populace.

Visa and Plaid terminate blockbuster merger

/regulation

Visa and Plaid terminate blockbuster merger

Visa and Plaid have terminated their merger agreement after the US Justice Department filed suit to block the combination over competition concenrns.

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.

Biconomy raises $1.5m to simplify Web3 experience

/startups

Biconomy raises $1.5m to simplify Web3 experience

Biconomy, a startup that helps blockchain developers provide a simplified onboading and transaction experience for Web3 projects, has raised $1.5 million in a seed funding round led by Eden Block and joined by Fenbushi Capital, Binance and DACM.

Future-proofing payments technology with cloud migration

/cloud

Future-proofing payments technology with cloud migration

Consumer expectations, behaviour and payment preferences are and will continue to evolve at an accelerated rate.

Citi builds fintech marketplace

/startups

Citi builds fintech marketplace

Citi is building a marketplace of third party fintech apps, signing data access agreements to customer-approved accounts with eight startups and data aggregators.

GoCardless nears Unicorn status on $95 million funding round

/payments

GoCardless nears Unicorn status on $95 million funding round

GoCardless, a processor of recurring debit payments for more than 55,000 businesses worldwide, has raised $95 million in a Series F funding round.

Swift Community Update: Payments transformation in the UK

/payments

Swift Community Update: Payments transformation in the UK

Financial institutions in the UK have faced a variety of challenges this year, including the complexities of the geopolitical environment and new and challenging macro factors caused by Covid-19 that will extend into the coming years.

Upvest scores funding for securities API for fintechs

/startups

Upvest scores funding for securities API for fintechs

Upvest, a Berlin-based startup offering the first plug-and-play pan-European securities API, has secured €5 million in funding, bringing its Series A to €12 million.

Tink closes €85 million extension round bringing total 2020 funding to €175m

/payments

Tink closes €85 million extension round bringing total 2020 funding to €175m

Swedish Open Banking platform has closed an €85 million investment round extension, following its €90 million raise in January.

Stripe makes banking-as-a-service play

/wholesale

Stripe makes banking-as-a-service play

Stripe has brought in several big name banks to back its new banking-as-a-service API that lets online businesses embed financial services in their platforms.

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.

FCA and City of London Corporation pilot digital sandbox

/regulation

FCA and City of London Corporation pilot digital sandbox

The Financial Conduct Authority and the City of London Corporation have called in Fintech Sandpit to help build a digital sandbox.

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).

Credit Suisse applies Open Banking APIs to interbank transactions

/wholesale

Credit Suisse applies Open Banking APIs to interbank transactions

Credit Suisse has introduced two new Open Banking interfaces designed to provide financial counterparties with access to real-time data on the status of their securities and foreign exchange transactions.

Atom Bank to speed up SME lending process with Codat accounting API

/wholesale

Atom Bank to speed up SME lending process with Codat accounting API

Atom Bank is to use technology from Codat to hook up to customers' business accounting platforms in an effort to streamline the onboarding process and make faster and better-informed lending decisions.

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