Tagged: data-sharing

UK’s Open Banking Fintech TrueLayer Secures $70M via Series D led by Addition, Company has Raised $142M in Total to Date

UK-based Open Banking solution provider TrueLayer has secured $70 million in capital through a Series D round. TrueLayer‘s latest investment round was led by Addition and included contributions from several angel investors. Following this latest fundraise, the Fintech firm has acquired a total of $142… Read More

Open Banking in the US Is Popular with those Earning $250k+ and Younger Generations: Report

Open Banking adoption or usage in the US has been increasing due to a significant rise in customer demand and growing pressure or competition. This, according to a recent from the Financial Technology (FT) Partners. As noted in a report titled, Open Banking: Rearchitecting the… Read More

Open Banking May Lead to New Revenue Streams for Financial Service Providers, PaymentComponents Reveals

The team at PaymentComponents, a UK-based firm that’s empowering Open Banking with agile PSD2 and API frameworks (developing solutions for banks, corporates, and developers including BaaS while supporting Fintech payments), notes that Open Banking could translate into additional revenue streams for financial institutions and other… Read More

Former OCC Acting Head Brian Brooks Joins Board of Directors at Spring Labs, which Facilitates Secure Data Exchange via DLT

Brian Brooks, Former Acting Head of the Office of the Comptroller of the Currency (OCC), has now joined the board of Spring Labs, a firm that develops innovative tech for exchanging data securely and in an anonymous manner via a shared blockchain or distributed ledger… Read More

Open Banking in Vietnam Is On Track to Become Widely-Adopted, but Lags Behind More Developed Southeast Asian Countries

Vietnamese banks are becoming a lot more aware of Open Banking policies and are beginning to realize that they should look into leveraging open APIs in order to remain relevant in the evolving digital financial services sector. There are at least two local banks in… Read More

Open Banking Regulatory Framework in Thailand has Not Yet Been Fully Launched, but Digital Tech Adoption Remains Steady

There are no extensive regulations yet on Open Banking in Thailand, however, the government’s digital transformation strategy (and the Thailand 4.0 strategy) along with the introduction of the Personal Data Protection Act (PDPA) in 2020 indicate that the country may soon offer an Open Banking… Read More

Open Banking related Services are Now Key Focus Area for Professional Bankers Globally: Report

Banking software firm Temenos (SIX: TEMN) has released a report, titled “Open Banking: Revolution or Evolution?”, which was authored by the Economist Intelligence Unit (EIU) and it’s also based on a survey of more than 300 senior banking professionals. The report revealed that almost half… Read More

Fintech Consumers of 2030 could be More “Data-Aware” and “Discerning” in What Information They Share, KPMG Report Predicts

Big Four auditing firm KPMG in Australia has released a report, titled, The 30 Voices, which aims to cover “every facet” of financial services and beyond. It features insights related to developments from incumbents to banking challengers, Big Tech firms to investors, legislators to academics…. Read More

Open Banking: Australian Financial Institutions Plan to Fully Support Responsible Customer Data-Sharing Practices by Nov 2022

The introduction of Australia’s Consumer Data Right (CDR) laws on July 1, 2020 marked the initial phase of Open Banking in the country, which may improve the services offered by the local banking sector. More than 6 months into CDR and Open Banking in Australia… Read More

Open Banking: HM Revenue and Customs Selects Ecospend to Build Out its Digital Payments Infrastructure

HM Revenue and Customs revealed on February 3, 2021, that Open Banking service provider Ecospend has been selected to build-out its digital payments infrastructure. In September 2020, HMRC had placed a £3 million contract out to tender in order to upgrade the group’s bank transfer… Read More

New Open Banking API Solution has Now been Integrated by Swiss Cantonal Bank Berner Kantonalbank

The Berner Kantonalbank (BEKB) has reportedly integrated with an Open Banking API platform in order to connect partners and various third-party companies. The BEKB is able to easily and efficiently connect with other service providers through the new platform. For customers, this means that they’ll… Read More

UK Fintech App Dozens to Work with Open Banking Provider Bud to Give Easy Access to Services without Doing Full KYC

UK-based banking challenger app Dozens will be working with Open Banking provider Bud in order to give prospective clients access to some of its services without having to fully complete the sign-up process (which may be more time-consuming). Dozens provides users various analytics and budgeting… Read More

Open Banking: UK Fintechs have Asked FCA to Adopt a More Market-led Approach to Open Finance Services

Fintech companies are reportedly urging the UK’s Financial Conduct Authority (FCA) to “break” banks during 2021. A group of London-based startups is asking the FCA to look into ending the control and dominance of traditional banking institutions, specifically their use of consumer data. The companies… Read More

Citi Is Creating Marketplace for Third-Party Fintech Platforms, Signs Data Access Agreements with Startups to Customer Approved Accounts

Citi (NYSE:C) is developing a new marketplace of third-party Fintech platforms and services. The bank has reportedly signed data access agreements to customer-approved accounts with 8 startups and data aggregators. Citi’s clients will be offered a secure way to share their account details with various… Read More

Singapore Develops Platform that Allows Residents to Consolidate their Financial Data

Singapore has introduced a data exchange platform that allows residents to consolidate their financial data which may be stored across several different databases belonging to various government agencies and banks. The data exchange solution has been developed by local government agencies, including the Monetary Authority… Read More

Taiwan’s Joint Credit Information Center to Provide Database to Fintech Firms so they Can Access Info on Customer Credit Risk Profiles

Taiwan’s Joint Credit Information Center (JCIC) is reportedly planning to provide a database for local Fintech firms so that they can obtain relevant information on consumers’ credit risk profiles. Taiwan’s Financial Supervisory Commission (FSC) made this announcement after Fintech companies held a meeting in June… Read More

Open Banking Fintech Nordic API Gateway Launches Aiia Platform to Meet PSD2 Opportunities for Secure Payments

Open Banking Fintech firm Nordic API Gateway has launched a platform, called Aiia, that aims to meet the opportunities of PSD2, which is a European regulation for digital payment services. PSD2 aims to make electronic payments more secure in Europe, support innovation and assist banking… Read More

Digital Banking: Revolut to Support Open Banking for Customers in Germany

Prominent digital bank Revolut has confirmed that it will support Open Banking for its customers in Germany. According to a release, the new Open Banking features will allow Revolut’s German customers to easily connect their accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse with… Read More

Open Banking: Customers of Australia’s Big Four Banks Now Able to Effectively Share Financial Data with Home Loan Providers

Customers of Australia’s four major banks (which includes the Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group, and National Australia Bank) are now able to share their home loan and mortgage offset data with accredited or approved recipients. This option… Read More

“Future Relevance” for Traditional Banks Is No Longer based on Digital Payments Alone: Report

The data economy of the Internet has led to most interactions becoming a transaction, according to a report from InnoPay, a consultancy firm specializing in digital transactions. The report notes that “future relevance” for traditional banking institutions is “no longer based on payments alone.” The… Read More

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