Tagged: financial data

“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

UK’s Open Banking Firm TrueLayer to Expand Business Operations into Australian Markets

TrueLayer, a computer software firm that enables companies to capitalize on new Open Banking initiatives in the UK, will be expanding its operations into Australian markets. TrueLayer has hired Brenton Charnley to lead its expansion into Australia’s Fintech sector. Charnley is the founder of Alpha39… Read More

Open Banking Survey from ING Reveals that what Consumers Say and Do with Finances aren’t Necessarily the Same

What consumers might say and what actions they take when it comes to sharing personal financial data (via Open Banking) are two different things, ING Bank notes. Although there are many tools to help improve our financial lives, the findings of an ING global survey… Read More

Open Banking Developments in Singapore May lead to More Transformative Fintech Changes that those Offered by Digital Banking

Open Banking developments in Singapore could lead to more changes in traditional banking processes than those that involve digital banking and related infrastructure upgrades. Singapore’s addressable loan market for digital banks is valued at around S$220 and S$243 billion, according to estimates from the Fintech… Read More

Fintech Professional Explains how Payment Initiation Service Providers are Offering Improved Payment Solutions after PSD2 Went Live

Ciaran O’Malley, Head of Commercial Strategy at Trustly, a Stockholm, Sweden based financial services firm that aims to offer fast and secure online banking solutions, says that since PSD2 went live in September of last year, a “raft” of Payment Initiation Service Providers (PISPs) have… Read More

French Mobile Payments Firm Lydia Selects Tink as its Open Banking Partner

French Paytech firm Lydia has teamed up with Tink in order to enable Open Banking connectivity. Lydia’s mobile payment app will be using Tink’s open banking tech to access PSD2 APIs across Europe. Tink and Lydia will be working cooperatively to improve bank account connectivity… Read More

Open Banking: Australia’s IMB Bank Launches New Platform for Sharing Data on Deposits, Transaction Accounts

Australia based IMB Bank will be introducing Open Banking services. The mutual bank confirmed on October 5, 2020, that it would provide a new banking platform that can share certain financial data through an API integration. The NSW-headquartered building society IMB Bank noted that, during… Read More

Open Banking Solutions are Increasingly Being Adopted in the UK, Users Doubled to 2 Million in 6 Months

Open Banking solutions are increasingly being adopted globally and also in the United Kingdom, where user numbers have doubled to around 2 million during the past 6 months. The Open Banking Implementation Entity (OBIE), an organization established by the UK’s Competition and Markets Authority (CMA)… Read More

China CITIC Bank International to Use Refinitiv Electronic Trading Platform to Streamline FX Workflow

Refinitiv, one of the largest providers of financial markets data and infrastructure, has revealed that China CITIC Bank International will be using the Refinitiv Electronic Trading platform to streamline its foreign exchange (FX) trading and distribution workflow. Banks and other financial service providers are looking… Read More

Charles Schwab to Work with Finicity to Enhance Security of Customers’ Data via Open Banking Solutions

Finicity, the provider of a real-time financial data aggregation and insights platform, has reportedly entered a direct data agreement with Charles Schwab (NYSE:SCHW), the world’s third-largest asset manager (behind BlackRock and Vanguard) and the 14th largest banking institution in the US with over $3.3 trillion… Read More

Working Capital Firm Cape to Offer Corporate Credit Cards in 2021 that Will Leverage Open Banking Tech

Cape, an Australian working capital firm, is planning to offer a corporate credit card that will leverage Open Banking technology. The company says the card will be available in 2021. Established by experienced Fintech professionals who previously worked at Funding Circle, Funding Options and 11:FS,… Read More

India’s Consumer Lending Platform ZestMoney CEO Reveals Country’s Severe Lockdowns led to “Almost Complete Cessation” of Economic Activity

Lizzie Chapman, CEO and co-founder at ZestMoney, which claims to be one of the largest and fastest-growing Fintech firms in India, recently discussed what she considers the future of lending in a post COVID world. She acknowledges that this has been one of the most… Read More

Open Banking focused Firm Yapily and API Standards-based Platform, Ozone API, to Help Fintech Service Providers with Accessing Financial Data

Open Banking focused firm Yapily has teamed up with Ozone API, an API standards-based platform, in order to enable banks and other financial service provider to speed up their adoption of Open Banking processes and systems. The COVID-19 outbreak has led to several changes in… Read More

SIX Group to Leverage Luxembourg Fintech LUXHUB’s Open Banking Tech to Streamline Switzerland’s Financial Sector

Luxembourg based Fintech firm LUXHUB has partnered with Zürich-headquartered Swiss Infrastructure and Exchange (SIX) Group AG, the operator of Switzerland’s stock exchange. According to a release, the SIX Group will be using LUXHUB’s Open Banking technology. As mentioned in the announcement: “SIX continues to invest… Read More

DAPI, a MENA Region Service for leveraging Open Banking to Enhance Payments via Fintech Apps, Writes Open Letter to UAE’s Bankers

The team at DAPI, the first financial API in the MENA region that allows financial technology apps to leverage Open Banking by facilitating digital payments and accessing real-time banking data, have written an open letter to the UAE Bank Federation Advisory Council. The letter, which… Read More

Consumer Data Right Legislation Should Make it Easier to Compare Fintech Products, According to Australian Government Official

The Consumer Data Right (CDR) legislation in Australia has been introduced to enhance the nation’s modern banking sector. It’s also supposed to make it easier to match or compare different financial products across a range of industries in the country, according to Senator Jane Hume,… Read More

Evilnum Hackers are Now Using Malicious Malware Scripts Written in Python to Target Fintech Service Providers

A hacking group has reportedly introduced new trojan malware that aims to target Fintech service providers. The malicious scripts have been created to gain access to people’s email accounts, steal their passwords and business-related information. The malware scripts have been added to code that has… Read More

Banking Challenger Branch and Fintech Plaid are Helping US Consumers Make Informed Financial Decisions with Real-Time Data Insights

Banking challenger Branch has teamed up with Fintech solution provider Plaid to offer users access to real-time data across their applications. Instead of taking several business days for financial transactions to appear on various apps, the new integration should allow service providers to send transaction… Read More

Cyberattacks in the UK, US Increase as More Consumers and Businesses Conduct Financial Transactions Online

Cyberattacks against US-based financial industry firms increased by around 240% between February and April 2020, according to a new report. These attacks have become more prevalent after the global COVID-19 outbreak, as more individuals and businesses are using online services. Tom Kellerman, head of cybersecurity… Read More

Intuit’s QuickBooks Accounting Software May Now Access Financial Data Provided by Bank of Montreal Customers via New API

The Bank of Montreal (BMO), a Canadian multinational investment bank and financial services company with over 45,000 employees and a more than 850 billion CAD in assets, has created an API portal to allow small business clients to easily and securely share their data with… Read More

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