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.”
Open banking
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.”
Calling all payment, card and secure credential technology suppliers
2018 is set to be a pivotal year for banks, card issuers and secure credential providers around the world as new market entrants, regulatory environments and technical innovations place increasing pressure on traditional banking and card issuing business models... More
Nordea switches on its open banking platform
Nordea Open Banking is live — Nordea — “Together with fintechs and other external developers we aim to create new products and services for our customers at a faster pace than we could do by ourselves, while keeping customers firmly in control of what data they wish to expose and which products they wish to use, says Claus Richter, head of cash management solutions at Nordea.”
Starling Bank integrates third party rewards into open banking platform
Starling and Yoyo Wallet: Enabling loyalty with open banking — Starling Bank — “With any other bank, in order to collect loyalty points you would have to manually pay using the Yoyo app using a QR code scanner. However we have created an experience together with Yoyo, using our APIs, which means you don’t need to use any separate apps to pay. You just need to securely connect your Yoyo account to your Starling account from the Yoyo app and allow Yoyo to view your Starling account transactions. You will then be able to collect loyalty points whenever you use your Starling card, Apple Pay or Fitbit Pay at a merchant partner.”
UK government expands open banking project to credit cards, e-wallets and prepaid cards
UK’s Open Banking project expanded — Open Banking — “The OBIE [Open Banking Implementation Entity] has now been asked by the CMA9 and Her Majesty’s Treasury to create open banking standards for all payment account types covered by the European Union’s second Payments Services Directive (PSD2). This means customers using credit cards, e-wallets and prepaid cards will also be able to take advantage of open banking services.”
ABN Amro includes access to Tikkie payments in new developer APIs
ABN Amro launches its developer portal — ABN Amro — “Besides providing APIs that allow commercial clients easy access to their checking accounts, the bank also offers use of building blocks for sending Tikkie payment requests and sending bulk payment orders. This is also part of ABN Amro’s preparations for the European Payment Services Directive 2 (PSD2) laws, which – starting in 2018 – will allow regulated third parties to access the checking accounts of clients that have granted permission.”
HSBC to let customers view accounts from multiple banks in one app
HSBC to let UK customers manage different bank accounts on one screen with new app — CNBC — “Customers can add accounts from up to 21 different banks, including Barclays, Lloyds and Bank of America. When a new account is added, login details for each account are tailored to that bank’s interface… The bank has spent US$2bn globally to work on its digital banking platform.”
Macquarie open banking APIs let customers share transaction data with third parties
Macquarie to give customers data control with new open banking platform — ZDNet — “Information the new platform can share includes personal banking data such as a customer’s transactions and home loan balances, as well as their business and wealth information. It can be plugged into third-party providers like budgeting apps and accounting software, not just competing financial services providers; however, the third-party provider must meet Macquarie’s open platform standards and security criteria before it will turn over the data.”
UK challenger bank unveils open banking marketplace
Starling Bank’s Marketplace goes live — Starling Bank — “The Starling Marketplace is a brand new concept in banking whereby products from other fintech providers — and in the future lifestyle products — can sit within an easily browsed ecosystem all from within the app. These partners integrate with Starling Bank using their Open Banking and PSD2 compliant APIs… Starling is the first bank to have fully open, PSD2-ready APIs that allow collaboration between fintech companies.”
BBVA makes eight APIs available to kickstart open banking program
Spanish bank BBVA has launched its open banking program by making eight of its APIs commercially available for the first time, meaning that third-party companies including startups and developers will be able to build new products and services by accessing and integrating customers’ banking data into their applications. More