Apple acquires open banking provider Credit Kudos
Apple has acquired Credit Kudos, an update to the UK-based open banking provider’s website reveals, describing the company as “a subsidiary of Apple” and confirming media reports... More
Open banking
Korea to let banks add food ordering services to mobile apps
Banks in South Korea will be able to add a wide range of non-financial services to their mobile apps, including food ordering and delivery, following changes to the country’s financial regulatory system due to be introduced by the Financial Services Commission (FSC) in July 2021... More
Canada begins testing national digital ID framework
The Digital ID and Authentication Council of Canada (DIACC) has begun alpha testing a framework of industry standards for digital ID authentication in order to create a trusted digital environment before the rollout of a digital ID infrastructure in the country — and the launch of a national trustmark for service and solution providers... More
Vanquis leverages open banking to let credit-building customers pay off balances instantly
Holders of Vanquis Bank’s credit-builder credit cards in the UK can now make instant payments into their account from any major UK bank without using a debit card and receive instant updates on their available credit via the Vanquis mobile banking app... More
NatWest lets online merchants accept instant payments from shoppers’ bank accounts
The UK’s NatWest bank has launched Payit, an online payments service that uses open banking to make it possible for merchants to accept payments directly from consumers’ bank accounts... More
Barclays lets UK customers use its mobile banking app to make payments from accounts held at other banks
Barclays has become the first UK high street bank to leverage open banking APIs to enable its customers to use its mobile banking app to make payments from accounts they hold with other banks... More
One million Brits now use open banking
The number of consumers using open banking has doubled in the past six months to more than one million, the UK’s Open Banking Implementation Entity (OBIE) reports, and there are now a total of 204 regulated service providers — up from 100 at the end of 2018... More
Visa to acquire Plaid in $5.3bn move into open banking and integrated payments
Visa is to acquire Plaid for US$5.3bn, in a move that CEO Al Kelly says “will put us at the epicentre of the fintech world, expanding our total addressable market and accelerating our long-term revenue growth trajectory”... More
JPMorgan Chase to tokenize open banking permissions
JPMorgan Chase, Envestnet l Yodlee sign agreement to increase customers’ control of their data — JPMorgan Chase & Co — “Envestnet I Yodlee is committing to send 100% of its requests for Chase customer data through the bank’s secure API (application programming interface). This will ensure the apps can receive Chase customer data they need while customers control what’s shared with whom…. Because the secure API uses a token-based approach, customers will no longer need to give out their username and password.”
Open banking pilot goes live in Korea
A new open banking system which is set to cut transaction fees by 90% has now entered pilot testing, Korea’s Financial Services Commission (FSC) has announced... More
Uber leverages open banking to provide in-app financial services to drivers in Mexico
BBVA, in alliance with Uber, launches first banking product in Mexico that operates in third party app — BBVA — “For the first time we are offering a BBVA product that will ‘live’ in a third party’s platform. In other words, we are bringing the bank to our partner, who in turn is bringing us to their drivers and delivery partners, so they can take advantage of all the benefits that the bank has to offer, all with a single click.”
NatWest leverages open banking to cut transaction fees by 25%
The UK’s NatWest bank has launched a new service that will let consumers pay online merchants directly from their bank accounts, “saving merchants at least 25% of card processing costs”... More
Report highlights discrepancies between what technology users want and what they adopt
Despite greater than ever use of smart devices for banking and payments and a desire for the latest technologies, Europeans are some of the most cautious adopters, according to a survey of 15,000 consumers in Europe, America and Australia... More
Airlines leverage PSD2 to cut transaction fees
New payment method for air tickets successfully demonstrated — International Air Transport Association — “IATA Pay is an industry-supported initiative to develop a new payment option for consumers when purchasing a ticket directly from an airline website. It is made possible by the European Commission’s second Payment Services Directive (PSD2), and the UK’s Open Banking regulation. For airlines, the advantages of IATA Pay are: Cheaper payment option compared to other alternatives; Highly secure; Faster cashflow with instant/near instant payment to the merchant; Simpler payment process resulting in fewer lost sales.”
Deutsche Bank unveils loyalty-first mobile wallet venture
Deutsche Bank has launched Yunar, a wholly-owned subsidiary startup that is taking a loyalty-first approach to building out a fully featured mobile wallet by initially offering a simple way to manage up to 200 loyalty points schemes — and then gradually adding a range of mobile payments and banking services as adoption takes off... More
Facebook approaches banks for Messenger bot banking
Facebook taps banks, but for chatbots not purchase data like Google — Techcrunch — “Account linking enables people to receive real-time updates in Facebook Messenger where people can keep track of their transaction data like account balances, receipts, and shipping updates… The idea is that messaging with a bank can be better than waiting on hold over the phone — and it’s completely opt-in. We’re not using this information beyond enabling these types of experiences — not for advertising or anything else.”
Survey finds money saving product recommendations will drive adoption of open banking
Brits cite money saving product recommendations as the biggest incentive to use open banking — Equifax — “Two fifths (40%) of Brits willing to share their bank transaction data with a new lender would do so if it provided them with product recommendations which save them money. Other motivations to share transaction data through open banking include the ability to easily compare products from different financial institutions (36%), being offered tailored incentives for switching to a new provider (34%), and a streamlined process when applying for mortgages (28%) and loans (25%).”
Mastercard to build open banking connectivity hub
Mastercard unveils solutions to underpin open banking transformation — Mastercard — “Mastercard announced today that it is developing a new suite of services to underpin the transformation taking place in the industry as partners ready themselves to take advantage of Europe’s PSD2 legislation… They will incorporate a pan-European directory of third party providers to help banks to ensure that parties seeking access to a customer’s account are legitimate… They will also feature a connectivity hub that will help third parties establish and maintain communication with banks.”
Visa targets open banking with $100m investment fund
Visa announces fast track access to its network and $100m investment for European FinTechs — Visa — “The focus will be on supporting startup businesses that are innovating in the arena of open banking and those using emerging technologies that have the potential to create new secure, commerce experiences.”
UK banks to begin rollout of world’s first standardised open banking system
UK’s Open Banking to launch on 13 January 2018 — Open Banking — “The UK is the first nation to implement a standardised open banking solution. In the UK we are creating a single technology standard enabling new services to be easily built and offered to consumers and small businesses… The first set of Open Banking APIs will go live to third party providers on 13 January.”
