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April 12, 2022

On the wires

March 31, 2022

On the web

Exclusive: Klarna Spins Open Banking API Strategy With Dedicated Unit – AltFi


Klarna is best known for riding the crest of ‘buy now, pay later’ wave but its booming open banking business is its new move. In the past year, the company has stealthily created a dedicated unit devoted to open banking, including doubling its bank connectivity in the past year from 6,000 to 15,000 banks making us the largest bank aggregator in the world.”

March 30, 2022

On the wires

Finicity and Fiserv Offer More Consumer Choice Through Secure Data Access – Fiserv, Inc.

“Finicity, a Mastercard company, and Fiserv, Inc., both leaders in open banking technology, are advancing the future of open finance through secure data sharing. A data access agreement between the companies will allow thousands of Fiserv financial institution clients to enable consumers to provide clear and explicit permission to securely share their account information with apps that use Finicity’s open banking platform, offering more payment choices, access to an expanding range of financial services experiences, and improved overall financial literacy and wellbeing.”

March 28, 2022

On the wires

Joint Statement by HM Treasury, the CMA, the FCA and the PSR on the Future of Open Banking

“The Government and regulators are committed to maintaining the UK’s leadership in the field and sustaining this momentum. We want to build on the initial success of UK Open Banking to help unlock and realise further benefits for consumers, businesses and the wider economy. Open Banking should continue to support innovation and greater competition for consumers and businesses. Critical to this will be establishing an appropriate successor to the Open Banking Implementation Entity (OBIE), which has played a central role in developing the UK’s Open Banking ecosystem. It is important that its successor is overseen effectively, as the Competition and Markets Authority (CMA) has done since 2017.”

March 15, 2022

On the wires

Green Dot and Plaid Partner to Give Customers Seamless Access to Their Money Through Secure Open Finance Solutions

Green Dot Corporation (NYSE: GDOT) today announced it is partnering with Plaid, the data network powering the digital financial ecosystem, to bring secure open finance solutions to GO2bank customers. Launched in 2021, GO2bank is Green Dot’s flagship digital bank designed to give all people the power to bank seamlessly, affordably and with confidence.”

March 7, 2022

On the web

NatWest Preps for Live Roll Out of Variable Recurring Payments

Finextra Research

“VRPs allow customers to connect authorised payments providers to their bank account so that they can make payments on the customer’s behalf within agreed parameters. This is a change to the current Open Banking status quo where TPPs can only initiate single immediate payments and customers have to authenticate each payment separately…Working with Open Banking infrastrucutre provider TrueLayer, NatWest has delivered its VRP API ahead of schedule and conducted its first test transaction in a live environment.”

February 17, 2022

On the web

Open Banking Passes Five Million User Milestone

Finextra Research

“Based on data provided by the CMA9, the nine banks and building society mandated to implement open banking in the UK, the new figures reflect a healthy trajectory. It took 10 months to grow the number of users from one million to two million in 2020. In contrast, it has taken just four months to grow from four million to more than five million.Presenting the results, the Open Banking Implementation Entity says there were nearly 625,000 additional payments in January 2022 compared with December 2021.”

February 16, 2022

On the wires

Trustly Introduces FlexPay by Trustly, a Deferred Settlement Product for Flexible Payments

“Trustly, the leading global payments platform for digital account-to-account transactions, is proud to introduce FlexPay by Trustly, a new product that gives consumers the flexibility to defer the settlement date of a debited amount to a date in the future. Merchants will have the ability to configure the deferred settlement periods to up to 30 days.”

January 28, 2022

On the web

Lloyds Signs First Retailer for A2A Payments API

Finextra Research

“Car dealership JCT600 has become the first retailer to use Lloyds’ new PayFrom Bank account-to-account payment product, displacing plastic cards at the online checkout. Launched in July last year, PayFrom Bank combines Mastercard’s Payment Gateway capabilities and its Open Banking Connect platform to deliver a merchant A2A payment page that covers around 95% of UK bank accounts with Open Banking APIs.”

January 27, 2022

On the web

TrueLayer Expands Open Banking Platform to Five New European Markets – AltFi


TrueLayer has expanded its open baking platform to five new European countries. Unicorn TrueLayer lets fintechs connect with customers’ bank accounts using APIs. As well as entering the new markets, the financial API provider says it has also added hundreds of new banks to its network after boosting connectivity in existing markets including the Netherlands and Spain. The five new European markets TrueLayer has expanded its open banking data and payments services are Austria, Belgium, Denmark, Finland and Portugal. TrueLayer says that more than half of all open banking traffic in the UK, Ireland and Spain is now being processed across its platform.”

January 25, 2022

On the web

Plaid’s New Privacy Controls Let You Manage Your Financial Data From a Single Hub

The Verge

“Plaid, a go-between for financial apps like Robinhood, Venmo, and Betterment and bank accounts, has created a privacy hub where you can manage all of your financial connections. The settlement requires Plaid to prominently display the privacy hub on its site. The hub, called Plaid Portal, shows users exactly which apps they’re connected to by Plaid. It can be found by accessing my.plaid.com , where the service will prompt users to set up an account. Then, it’s possible to browse connections and disconnect unused apps from bank accounts.”

January 24, 2022

On the web

Plaid Might Owe You Money If You Use Any of These Banking or Financial Apps

Fast Company

“Plaid is ubiquitous—and not just in winter.    We’re talking about the fintech—not a shirt pattern—and the Silicon Valley company recently settled a class action suit accusing it of collecting excessive data from users. As a result, it will pay $58 million to all those consumers who have linked a bank account to any of Plaid’s 5,500-plus client apps, which include popular services like American Express, Venmo, Robinhood, Coinbase, and Betterment.”

January 5, 2022

On the web

FinTech Automation (FTA) Signs Agreement With Finicity, a Mastercard Company


“The agreement with Finicity provides FTA’s customers access to consumer-permissioned account data for secure account validation and ownership when opening new accounts. This allows consumers to connect their primary account to deposit funds into a new investment account. It signals the end of tedious validation methods like micro-deposits, which can take days to clear, and can minimize risk by verifying the ownership of an existing account.”

December 15, 2021

On the web

TrueLayer and NatWest Make the First Open Banking VRP Transaction


TrueLayer , Europe’s leading open banking platform, has reinforced its reputation as an industry innovator by making the industry’s first Open Banking variable recurring payment (VRP) transactions with NatWest…VRPs are an additional Open Banking API that the nine largest UK banks have been instructed to build by the Competition and Markets Authority (CMA) for sweeping. They support third party providers (TPPs) like TrueLayer to initiate a series of payments for a customer of  variable amounts and at variable intervals , enabling the more efficient transfer of money.”

December 6, 2021

On the wires

November 17, 2021

On the web

Aiia Collaborates With Netcompany on Open Banking Payments

Finextra Research

“European open banking leader Aiia enters collaboration with one of the most successful software technology companies in the Nordics, Netcompany. N Netcompany is launching ‘mit.dk’, a new platform to streamline digital communication between the Danish people and public and private sector companies. The platform is set to bring open banking powered payments to the masses by enabling Danish citizens to pay bills and invoices securely and safely in one place.”

November 16, 2021

On the web

CMA Pushes ‘variable Recurring Payment’ Deadline Back by Six Months – AltFi


“As debate on the future of open banking rages here in the UK, the Competition and Markets Authority (CMA) has moved the goalposts once more following push back from the Open Banking Implementation Entity ( OBIE) . The CMA is delaying the introduction of variable recurring payments (VRPs) by another six months after new OBIE trustee Charlotte Crosswell warned that “most if not all the CMA9” would not meet the 31 January 2022 deadline. VRPs are the latest technology in open banking, said to rival Direct Debits, and are just in their infant stages, with customers able to choose when they end and set their own payment limits.”

October 21, 2021

On the wires

Currencycloud Partners up With Plaid to Deliver Seamless Payment Solution for Clients

“Currencycloud, the experts in simplifying business in a multi-currency world, have agreed to a strategic partnership with Plaid , open finance network and payments platform, that will deliver new joint solutions to make it easy for firms in the UK, including foreign exchange brokers, Fintech companies and banks, to operate in multiple currencies. Until now, customers using the Currencycloud Direct white-label solution have had to leave the app to make a top-up payment into their account from their chosen bank – a very manual, laborious, and time-consuming process. The partnership with Plaid allows customers to fund their accounts without ever leaving the platform, simplifying the payment journey. Embedding Plaid’s Payment Initiation Services (PIS) into Currencycloud’s platform means customers will be able to pull money directly into their account from any bank, making the process that much slicker.”

October 7, 2021

On the web

What Would Persuade Bank Holdouts to Share Customer Data?

American Banker

“As U.S. rules and standards are developed for banks to share customer data with fintechs, there’s one obstacle that’s rarely discussed openly: Some banks simply don’t want to do it. Some traditional banks, given their legacy equipment and the extra red tape involved in such efforts, are reluctant to hand over data to third-party fintechs, Michael Bilski, CEO of North American Banking Co. in Roseville, Minnesota, said during the recent Chicago Payments Symposium hosted by the Federal Reserve Bank of Chicago.”

September 23, 2021

On the web

Eye On Open Banking: Plaid Supports New Payments Services for Nuvei And Circle

Digital Transactions

“The rapidly expanding utility of open banking for instant funding came into sharp relief early Thursday with announcements from payments processors Nuvei Corp. and Circle Internet Financial Corp. Montreal-based Nuvei , which has been cultivating its stake in the U.S. gaming market, said consumers can now move money instantly from their bank accounts to digital wallets, payment cards, or other accounts. The company is working with open-banking firm Plaid Inc. to verify bank accounts for the transfers. The new capability, called Verified Withdrawals, adds to an existing feature allowing gamblers to deposit winnings instantly into their bank accounts.”

September 15, 2021

On the web

TrueLayer Takes the Pain Out of Payouts With Open Banking

Finextra Research

“TrueLayer is tackling the issue of slow merchant withdrawals and refunds with the launch of a new Open Banking-based instant payouts feature. TrueLayer’s PayOuts combines Open Banking verification and fast payment rails to overcome the arduous process of conducting due diligence on customer profiles before issuing payments. The product works by matching the name provided by the customer with what’s on file at their bank to confirm the details are correct.”

September 14, 2021

On the wires

September 9, 2021

On the wires

MX and Payveris Bring Faster, Open-API, Digital Payments and Money Movement to Fintechs and Financial Institutions

“MX, the financial data platform and leader in modern connectivity, and Payveris, the leading integrated money movement platform, are partnering to expand seamless, low-cost, and low-risk money movement services by improving account connectivity for nearly every U.S. financial institution or fintech company. With the new integration, organizations can deploy intelligent digital payment and money movement services to their customers and utilize the Payveris MoveMoney℠ platform and suite of open APIs, SDK widgets, and SSO products. The new experience is embedded into an integrated money movement solution.”

September 7, 2021

Top Post

On the web

Citi’s Mexico Unit Takes First Steps Toward Open Banking

American Banker

“To reach new consumers and businesses for savings and lending, Citibanamex isn’t just building new products — it’s building application programming interfaces, or APIs. This plan is also crucial for keeping existing customers who might move their accounts to a fintech. Rather than compete against those companies, Citigroup’s Mexico subsidiary (the 137-year-old Banamex, which Citi bought in 2001) is developing open banking APIs internally.”

September 3, 2021

On the web

Mastercard Will Use Open Banking to Expand Beyond Payments

Australian Financial Review

“Mastercard sees itself as a central player in the open banking regime, and is using an acquisition in the United States to build data analytics services, including for loan assessment and invoice management, as it moves beyond its traditional focus on cards and payments. Mastercard applied to the Australian Competition and Consumer Commission for accreditation to become a data recipient under the government’s consumer data right and is building integrations with banks to allow it to receive bank account data when customers consent.”

August 31, 2021

On the web

Brazil Postpones Third Phase of Open Banking Roll-out | ZDNet


“The roll-out of the Open Banking in Brazil has been postponed as the third phase of the initiative, due to start today (30) shifted to October 2021. Open Banking – a practice that allows third party financial services firms to access consumer banking, transactional and other data from through, and other data with their consent through application programming interfaces (APIs) – is being introduced in Brazil through a phased approach. The third phase of the initiative, which enables consumers to share data in order to pay bills, access credit and make money transfers outside their bank’s environment, had been broken down into parts to encompass the various payment types available in Brazil.”

On the wires

Astra Announces Partnership With Plaid to Enable Fintechs to Embed Automated Bank Transfers

Astra , a technology company that offers advanced bank-to-bank transfer solutions, today announced a formal partnership with Plaid , a data network powering the digital financial ecosystem, to offer an integrated solution for developers to easily enable programmatic money movement for their customers. As part of the partnership, companies can use Plaid’s Auth product in tandem with Astra’s automation platform to provide automated ACH transfers to their users with less friction.”

August 27, 2021

On the web

How FDX Standards Are Paving the Way for Open Banking in North America (VB Live)


Financial institutions and fintechs are increasingly embracing open API standards , which help them connect with customers and deliver innovative services that improve customer financial health and deliver surprise and delight in brand-new ways. But there’s been no official standard framework for APIs in the U.S. — until now, with the establishment of the Financial Data Exchange.”

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