Former FDIC Chair Sheila Bair writes in the FT that in light of the recent hack to Equifax should regulators be providing more entry points to customer data; she goes on to explain past bank hacks are typically done using a third party who has gained access to a customer’s data; other key points include can these service providers cover potential losses and are regulators forcing service providers into the most secure process. Source.
Open Banking, seen as a potential game changing regulatory change, is set to launch in the next few days in the UK; Open Banking requires banks to allow fintechs and other third parties to have access to customer data if the consumer agrees to grant access; the new law will allow for a safer data exchange, in the past consumers shared their login details and third parties scraped the data, and standardize access across the UK and Europe; while banks have pushed back on the coming change this will allow customers to better control their information and tailor services to their lifestyles. Source.
Open Banking has reached one year in the UK and the initiative is proving to be challenging and effective; the...
In an op-ed in the FT, the chairman of BBVA, Carlos Torres Vila, argues for the expansion of European open...
Freddy Kelly is the CEO and co-founder of Credit Kudos; Credit Kudos is an alternative credit bureau that uses open...
Revolut has launched their open API for customers and they have increased their Revolut for Business service; Banking Technology reports that the company said “account owners can generate sandbox and production keys, and set whitelisted IPs as an “extra layer of security”; accounts allow users to send, hold and exchange up to 25 different currencies. Source.
Mastercard announced the launch of their Account Opening solution at Fintech Nexus USA 2023, streamlining verification and reducing fraud.
One of the hottest U.S. based fintech startups is now live in the UK with their first two customers; Plaid...
The pandemic has helped to accelerate a number of changes in financial services as banks have been forced to shift...
The UK made its mark on Open Banking, but as global sights turn to the loftier prize of open finance, it's in danger of being left behind.