13th January 2019 marked one year since the UK embarked on its Open Banking experiment. Despite the inevitable teething problems, the initial signs are encouraging, as banks up their game in the face of strong competition from innovative third party products and services. Whith another version of the Open Banking Standard yet to be released, …
Continue reading “Has Open Banking changed anything 15 months on?”
“ANALYSIS: Customer convenience cannot be prioritised over broad aims of payment services laws to open up the market to greater competition and innovation. That is the message a European regulator has delivered to banks in relation to the scope they have to help customers manage and revoke their consent to open banking services.” Open banking: …
Continue reading “Open banking: clarity provided for banks over ‘opt outs’ and revoking consent”
“Open Banking came into force in January 2018. It was introduced to shake-up the fundamentals of the UK financial sector by aiming to create competition and foster collaboration. It forces the CMA 9 (the nine biggest UK banks) to open up their APIs to Third Party Providers (TPPs) so they can access users’ financial data …
“ Open Banking is the secure way to give providers access to your financial information. It opens the way to new products and services that could help customers and small to medium-sized businesses get a better deal. It could also give you a more detailed understanding of your accounts, and help you find new ways …