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August 27, 2021

On the web

Fintech MX Is Said to Weigh a Sale; May Still Pursue an IPO


“MX Technologies, a fintech start-up that is widely expected to go public, has tapped Goldman Sachs to advise on interest from potential suitors, four people familiar with the situation said.  Companies including large technology and payments providers have made overtures to MX, the people said. One of the interested parties is Fiserv (ticker: FISV), a provider of payments and financial-services technology to banks, credit unions, and securities broker dealers. Fiserv acquired First Data for $22 billion in 2019. Fiserv did not return messages for comment.”

August 26, 2021

On the wires

Finicity Enhances Mortgage Verification Process With ICE Mortgage Technology

Finicity , a Mastercard company and leading provider of open banking solutions, announced today that it is expanding its one-touch Mortgage Verification Service (MVS) availability within ICE Mortgage Technology TM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure. This integration enables borrowers to permission data quickly and easily so lenders can verify assets, income, and employment in a streamlined interaction”

August 24, 2021

On the web

Axway: 52% of Americans Have Never Heard of ‘open Banking’


“52% of Americans have never heard of the term “ open banking ,” and only about half of those actually know what open banking is, according to a new report by Axway . While many in the financial services world know what open banking illustrates and what services it can provide, many others have yet to connect the dots to what a truly open financial ecosystem represents. At its core, open banking is about letting people control their money . The survey shows that it is a principle people overwhelmingly support: 84% of Americans agree they should have control of their financial data, and banks should not prevent the movement of money between other financial services.”

August 17, 2021

On the wires

Plaid Announces Additional Series D Funding | Plaid

“We built Plaid with a simple vision: if we could create a more open and connected financial system, consumers would benefit from more choice, control and oversight over their financial lives. Today, we are excited to announce funding from J.P. Morgan Private Capital Growth Equity Partners and existing investor Amex Ventures as part of our previously announced Series D, which was led by Altimeter Capital and Silver Lake Partners.These are storied companies intrinsic to the fabric of financial services, and are important partners. Both J.P. Morgan’s Growth Equity Partners and American Express will be critical in our effort to enable great financial outcomes for consumers and drive innovation in the industry.”

August 16, 2021

On the web

Customer Data Sharing Under Open Banking Commences in Brazil | ZDNet


“One of the most important phases of the Brazilian open banking project, which involves the sharing of customer registration and transactional data, has gone live today (13), enabling consumers to request their financial information is shared with other institutions. The open banking initiative, introduced by the Central Bank of Brazil in early 2019 , aims to boost market competition and increase financial education in the Latin American country. Under the model, use of open application programming interfaces (APIs) enable third-party developers to build applications and services around the participating financial institutions, with consumer data shared with their consent.”

August 9, 2021

On the web

Santander Commences Roll-Out of CashFlow Manager App in the UK

Crowdfund Insider

“Santander UK is reporting the rollout of its CashFlow Manager App in the UK. The App is available for corporate and commercial banking accounts. Utilizing the Open Banking ecosystem in the UK, the app is described as enabling customers to have a single view of multiple balances and transactions across different financial services firms that include 98% of UK banks. Santander partnered with tomato pay, QR-code-based payments and invoice service, on the App.”

August 6, 2021

On the wires

Government Welcomes Final Report From Advisory Committee on Open Banking – Canada.ca

“Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, welcomed the final report from the Advisory Committee on Open Banking . The report makes recommendations on how to modernize the Canadian financial services sector and implement a secure open banking system that gives Canadian consumers the confidence and convenience they are looking for in today’s economy. The global economy is undergoing a rapid digital transformation—and the Canadian economy and financial sector are following suit. The Canadian financial sector must keep pace with the needs and expectations of consumers in the rapidly changing digital economy—while preserving the strengths of Canada’s banking system, which is recognized and admired around the world.”

July 29, 2021

On the wires

NYMBUS Introduces Plaid Partnership

NYMBUS ®, a leading provider of banking technology solutions, today announced a partnership with Plaid , a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions. With this integration, Nymbus bank and credit union clients can securely onboard new users in a matter of seconds, which translates to more active and engaged banking experiences.”

July 28, 2021

On the wires

Variable Recurring Payments Required for Sweeping – Open Banking

“The Open Banking Implementation Entity (OBIE) is delighted to learn that the CMA has decided, in line with the Trustee’s recommendations to mandate Variable Recurring Payments (VRPs) as the mechanism for implementing sweeping… Simply put, sweeping is the automatic transfer of money between a customer’s own accounts, such as moving excess funds into a separate savings account or using them to repay a loan or overdraft account. VRPs allow customers to safely connect authorised payments providers to their bank account so that they can make payments on the customer’s behalf within agreed parameters that offer more control and transparency than existing alternatives.”

Mastercard and Lloyds Bank Partner on New Open Banking Checkout Solution

“Mastercard and Lloyds Bank Commercial Banking have partnered to deliver a new Open Banking payment solution to Lloyds Bank’s business clients. Lloyds Bank’s PayFrom Bank, enabled by Mastercard’s Open Banking Merchant Payment Solution, lets consumers make payments on an organisation’s website directly from their bank account, without having to enter any payment details.   The solution – which is compatible with most retail bank accounts – gives consumers greater choice over how they pay and enhances their user experience by providing a quick, secure and seamless payment option without the need to remember passwords or input data.”

July 21, 2021

On the web

Yapily Raises $51 Million for Its Open Banking API by Focusing on Infrastructure


“Fintech startup Yapily has raised a $51 million Series B funding round led by Sapphire Ventures . The company has been working on a single, unified open banking API for several European markets. Developers can leverage that programming interface to interact with third-party bank accounts directly from their own products…Another difference is that Yapily focuses exclusively on API integrations. Due to recent regulatory changes in Europe (PSD2), banks now have to offer official APIs to integrate with third-party services. While some still don’t offer APIs, many of them are now complying with the rules.”

On the wires

Finicity and Green Dot Announce Secure Data Access Agreement to Deliver More Accessible, Seamless and Secure Money Management to Customers

“Finicity, a Mastercard company and leading provider of open banking solutions, announced today that it has signed a data access agreement with Green Dot (NYSE: GDOT), a digital bank and fintech focused on delivering trusted, best-in-class banking and payment solutions that seamlessly connect people to their money…The Finicity direct API experience will first be available through Green Dot’s flagship digital bank GO2bank and will allow customers to link their accounts to third-party apps that use Finicity’s secure data network and financial data – further enabling them to connect, manage and move their money in a secure and seamless environment.”

July 13, 2021

On the web

What Biden’s Data Portability Push Means for Banks

American Banker

“How much of an effort this will require banks to make from a technology and business point of view will depend on the rules the CFPB writes. The agency could validate the current state of consumer data sharing in the U.S., in which aggregators pull data out of banks and give it to fintechs on behalf of consumers. Or it could require something new — actually letting consumers download their own data in a usable format onto a device or into an online storage account, or allowing customers to have their data sent from one bank to another.”

July 2, 2021

On the web

July 1, 2021

On the web

Codat Raises $40M From Tiger for Its SMB-focused API Service


“This morning Codat , a startup that provides APIs to link small-business fintech data to external services, announced that it has closed a $40 million round led by Tiger Global. The company raised $10 million in a Series A around a year ago that Index led; Codat also raised some strategic capital in the interim, but declined in an interview to provide more detail…The startup’s API connects corporate data from internal SMB systems — QuickBooks, iZettle etc. — to external providers. The use cases for the service are easy to understand. If a small business wants to apply for a loan, the ability to provide a potential lender with its financial data in a quick, digital fashion would be useful. Codat would happily facilitate that data linkage.”

June 29, 2021

On the web

FP Explains: What Is Open Banking and Why Hasn’t It Come to Canada Yet?

Financial Post

“Canadian consumers are being left to share their financial data in potentially risky ways as the government winds its way through a belaboured open banking review process. As global competitors flock to countries with established open banking regulations, consumers and fintech companies are using workaround processes to access online banking services. Open banking advocates say the delayed regulatory review could cause Canada to fall behind further and restrict the ability of domestic fintechs to scale. Critics, meanwhile, warn the new regime could bring risks of its own, including the potential for more cyberattacks on banks. Meanwhile, open banking remains an elusive term to most Canadians.

On the wires

Ready for digital – a bank operating model for digital and Open Banking readiness

“The Euro Banking Association’s (EBA) Open Banking Working Group released a new report today that explores a reference operating model for banks on their way to digital readiness. The report covers both the implications of digital readiness at large, and the specific requirements for successfully initiating Open Banking on an operating model level. The research of the working group was enriched by the input of digital and Open Banking experts within the EBA member community, including digital leaders from 12 major European banks.”

June 24, 2021

On the wires

Visa To Acquire European Open Banking Platform Tink

Visa (NYSE: V) today announced it has signed a definitive agreement to acquire Tinka European open banking platform that enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data. Visa will pay total financial consideration of 1.8 billion Euros, inclusive of cash and retention incentives, to acquire Tink.

June 23, 2021

On the web

Airbank Centralizes All Your Business Bank Accounts and Financial Data


“Meet Airbank , a startup that is taking advantage of open banking regulation and related APIs to aggregate all your bank accounts. Focused on startups and small and medium companies, the company wants to build an all-in-one banking interface to access financial data, initiate payments, manage cash flow and more…The startup’s value proposition is quite simple and can be easily explained in one screenshot. With Airbank, you can enter your login information for all the bank accounts and related accounts that you use. After that, you can view everything from your Airbank account.”

On the wires

Akoya | Easily Access and Securely Share Consumer Financial Data

“Akoya LLC announced today that Wells Fargo has joined the Akoya Data Access Network . Fintechs and data aggregators can now request application programming interface (API)-based access to Wells Fargo customer data for mutual customers through Akoya…Akoya implements Financial Data Exchange API specifications, which remove the need for bank customers to share login credentials in order to provide third-party financial apps access to their financial data. Additionally, compared to credential-based data aggregation, commonly known as “screen scraping,” APIs improve data access reliability and reduce security risks.”

June 22, 2021

On the web

The Biggest Blocker to Open Banking Success? Slow, Risky Data – Security Boulevard

Security Boulevard

“Open banking is the practice of enabling secure interoperability while maintaining the principles of customer centricity, security, and trust. This practice grants third-party providers (TTPs)—often fintech startups—open access to financial data from banks and other financial institutions to create new products and services in partnership with the incumbent banks.  In 2007, the original Payment Services Directive—or open banking as it’s also known—went into effect to create a unified payment market in the European Union. This eventually forced the UK’s nine biggest banks to release data in a secure, standardized way, so data could be shared more easily between organizations. Fast forward to 2021, the European Banking Authority passed the Strong Consumer Authentication (SCA)—a PSD2 requirement—for payment service providers to make online payments more secure and prevent financial fraud. In the UK, the enforcement deadline has been extended six months from September 14, 2021 to March 14, 2022.”

June 21, 2021

On the web

London Based Open Payments Fintech Volt Secures $23.5M Via Series A Led by EQT Ventures

Crowdfund Insider

“London-headquartered Volt, an open payments gateway provider, has secured $23.5 million in capital through a Series A round that was led by EQT Ventures. Augmentum Fintech, Fuel Ventures, and angel investors including Adyen co-founder Robert Kraal and FIS non-executive director Gabriel de Montessus took part in Volt ‘s latest investment round as well. Launched in 2019, Volt aims to provide convenient access to Open Banking payments across Europe. It reportedly connects more than 5,000 banking platforms in the UK and EU. This helps bring together new generation account-to-account payments infrastructure to a single point of access.”

Mastercard Report Finds UK and Nordics Lead Open Banking in Europe | The Fintech Times

The Fintech Times

“According to a new report by Mastercard, which conducted in-depth research into how prepared European countries are to embrace the open banking ecosystem, the Nordic countries have been crowned best placed to take advantage of it, together with the UK. Open banking is fast becoming a worldwide phenomenon. It empowers consumers and businesses to take control of their financial data and their financial futures while stimulating competition and innovation among financial service providers. The report – ‘Open Banking Readiness Index: The Future of Open Banking in Europe’ – found the Nordics’ and UK’s digital infrastructures ensure the countries are very well-placed to allow widespread use of this concept.”

June 17, 2021

On the web

Finleap Connect Scores $22 Million to Expand Across Europe

Finextra Research

“Finleap Connect, a company formed from the merger of three fintech companies in the Dach countries, has raised €22 million as part of a push to create a pan-European Open Banking platform. The Series A round is led by SBI Investment, along with participation from Ilavska Vuillermoz Capital, a Luxembourg-based fintech investor.Finleap connect was founded in 2019 from the merger of fintech platforms figo, finreach solutions and infinitec solutions. The combined company employs more than 150 people at five different European locations and claims some 360 clients.”

June 15, 2021

On the web

June 9, 2021

On the web

Open Bank Yapily to Offer Bulk Payments Service to SMEs

Crowdfund Insider

“London-based Yapily , a leading Open Banking infrastructure provider, has launched a new bulk payments service in the UK market. Yapily has started the service by going live with Comma , an SME payments platform in that country.    Yapily claims to have simplified the complex process of bulk payments – under Open Banking- for small and medium businesses in the UK. This service was only available to medium to large-scale companies with corporate banking accounts so far.”

On the wires

Driving Towards an Open Finance Future | Plaid

“Last year, Plaid announced a goal to commit 75% of our traffic to APIs by the end of 2021. This target for fair, reliable, and secure API-based data exchange is one of our top priorities as the industry moves full-steam ahead towards a fully digital financial system.  That’s why I’m thrilled to announce an open finance partnership with Capital One — a digital finance innovator — and the successful completion of our migration to the Capital One API. As a result, Capital One customers can enjoy reliable and secure access to the apps and services in our network, and through the technical partnership we are able to make significant headway in our efforts to help build a credential-less ecosystem.”

June 8, 2021

On the web

InstantPay Launches India’s First Cashback Card

Big News Network.com

“InstantPay, India’s leading open banking platform, today announced the launch of the InstantPay Cashback Card in partnership with NPCI and YES Bank. It is a premium, ‘future ready’ contactless card powered by RuPay that offers 1 per cent unlimited cashback on most spends, so consumers can now grow their money, even when they spend. The InstantPay card comes with a zero minimum balance requirement and has a maximum balance limit of Rs. 2 lakh, which makes it a perfect secondary account for everyday transactions of any individual. This also ensures that there is zero exposure to customers’ primary bank account.”

On the wires

Consumers Can Safely Share Their Cryptoasset Investment Data With First-in-Market Capability From Fiserv – Fiserv, Inc.

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, will enable consumers to share data on their cryptoasset holdings with their fintech apps and service providers, including a broad array of financial institutions, wealth managers, and lenders, enhancing consumers’ financial management and control as cryptoasset investing reaches the mainstream. This first-in-market capability will be enabled through the integration of AllData® Aggregation from Fiserv with Verady , the leading provider of cryptocurrency tax, accounting, and audit technology products and integrations. AllData Aggregation enables thousands of financial institutions, fintechs and other companies to access data and facilitate transactions across existing and emerging applications, and tens of millions of consumers to connect to their bank account, billing, card, mortgage and other data through the third parties of their choosing.”

June 7, 2021

On the web

HSBC Opens API Developer Portal

Finextra Research

“HSBC has opened an API developer portal for firms to try out and integrate the bank’s suite of application programming interfaces. The initiative enables customers and developers to find the right APIs for their business needs, access the technical documentation, and try out APIs in the test environment, enabling rapid integration into their own products.Initially, the portal will provide access to treasury payment and account information APIs, and a number of APIs for trade processing, custody holdings, bank guarantee status and global disbursements.”

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