Choosing the open banking strategy that fits your bank’s needs is now easier

As technology evolves and is more present in our lives, consumers are beginning to ask why banking services cannot be as intuitive as managing their music playlists. Higher consumer expectations combined with the currently fast-changing environment brought by open banking make banks jump into new innovative waters.  In the past, banks’ open banking strategies have... Continue Reading →

Unlocking the power of open banking payments

We live in a world where the financial industry is rapidly changing. A new generation of players is challenging traditional banks, the financial technology landscape is quickly evolving, and alternative payment methods are emerging. In many of these changes, open banking has played a key role.  Since its advent five years ago, open banking –... Continue Reading →

Beat the bots this Black Friday

This blog originally featured on Vyne's website. Bad bots, bad bots, whatcha you gonna do? Whatcha you gonna do when they come for you? This year, Brits plan to spend an estimated £3.95 billion on Black Friday and Cyber Monday purchases according to Finder. Although only taking-off in the UK in 2010, Black Friday and Cyber... Continue Reading →

Open Banking: an unfinished symphony

In this blog we are pleased to feature a blog exploring open banking to open finance - bridging the gap written by TrueLayer’s Jack Wilson.  Open Banking + As the end of the OBIE's roadmap approaches, Jack Wilson over at TrueLayer has outlined the need for a programme of work that TrueLayer are calling ‘open banking +' to bridge... Continue Reading →

Why speed matters

This blog first appeared on Vyne’s website: Why speed matters. How speed in payments can boost every part of your business The world has changed. Customer behaviour has changed. Business needs have changed. The pandemic has shown that in a blink of an eye, shopping can move almost completely online. It’s also shown us that plans... Continue Reading →

A guide to Variable Recurring Payments

A guide to Variable Recurring Payments in open banking from Yapily Yapily have been unwrapping Variable Recurring Payments; What are Variable Recurring Payments (VRP)?Variable Recurring Payments (VRP) are a huge milestone for open banking. This allows variable payment amounts to be collected on an ongoing basis and, when fully mandated, will act as a smarter, flexible... Continue Reading →

Monetising digital grazing

Ex-Ripple and Visa executives unveil global retail micropayments network for Web 3.0 pingNpay, a global micropayment network backed by blockchain technology, has announced that it will make its network operational next year. The start-up plans to create a new category of high frequency, low value payments (below $20 per transaction) aimed at unlocking new digital retail... Continue Reading →

Open Banking: Sweeping and Variable Recurring Payments

The Open Banking Implementation Entity (OBIE) has published two documents following the conclusion of the second phase of its consultation on Variable Recurring Payments (VRPs) and Sweeping. The documents are: VRP and Sweeping User Research Final Report Phase II Feedback Summary and OBIE Response Paper This consultation process was started in November 2020. Feedback from the first phase... Continue Reading →

Pivoting Towards Open Banking Payments

The UK’s roughly 90 trillion-pound payments industry is on the cusp of a dramatic makeover. Even before Covid-19, payment providers were under pressure to retool their offerings to better serve an increasingly digitised customer base that demands greater flexibility and control over their money. And the pandemic has only served to accelerate this dynamic.  Meanwhile,... Continue Reading →

Digital Overlays

Digital overlays use real-time payments to settle a payment or transaction, or to provide an ancillary service for a real-time payments method; these are services over and above the core payment processing that adds value to the standard payments. These can be used to improve the workflows and customer experience in a range of payment... Continue Reading →

One small website button – one giant leap for payments to government

Great to see The Times covering Ecospend’s pay-by-bank solution going live on the HMRC website, the first government department to adopt Open Banking payments.  Paying your tax bill just got a whole lot easier. The 11 million people who fill out self-assessment forms online will no longer have to find credit card details, passwords or unique tax references when paying the taxman.Instead you... Continue Reading →

Future governance of Open Banking.

The Competition and Markets Authority (CMA) have published a consultation paper on the future governance of Open Banking. As the implementation phase of the OBIE’s work concludes, it is important to consider how open banking forward in the UK can be driven forward and help customers take more control of their finances.  Your submissions to this consultation... Continue Reading →

Account Information Service as consolidation factor for an Open Ecosystem in Italy

The European payments sector is in the midst of a transformation driven by technological innovation and evolving regulation, redefining its very potential and protagonists. A guest blog by:  Marco Folcia, Sara Marcozzi, Valentina Grilli, Fabrizia Capillo, PWC Italy. In this regard, the birth and consolidation of the Open Banking framework[1] can be attributed, on the one hand,... Continue Reading →

Open Banking Implementation Entity launches new tool to help firms prevent and fight fraud

The Open Banking Implementation Entity (OBIE) has developed a new online tool to help firms gain additional insight into the maturity of their counter-fraud defences and help identify potential areas of improvement. The tool is available exclusively to regulated and approved participants enrolled in the OBIE Directory and has been designed for both well-established firms,... Continue Reading →

First Open Banking service to pay HMRC

untied, the UK’s personal tax app, today announced that one of its users made the first-ever open banking-enabled tax payment to HMRC. This landmark payment was powered by untied’s partner, Fractal Labs as part of the companies’ SMART (SMEs Manage Accounts Receivables and Tax) initiative, backed by the Banking Competition Remedies Capability and Innovation Fund. Making... Continue Reading →

Open Banking: Variable recurring payments

The Open Banking Implementation Entity (OBIE) has launched a consultation on variable recurring payments rules. The organisation, which was established in 2016 by the Competition and Markets Authority (CMA) to implement the infrastructure and Application Programming Interfaces (APIs) necessary for the roll out of Open Banking. The consultation, which launches today, marks the next step in the... Continue Reading →

Imran’s vision for Open Finance

Imran’s vision for Open Finance, encouraging ‘premium’ APIs, and whether Open Banking is actually working. After years of promises, regulatory back and forth, and campaigning by both supporters and critics, Open Banking is today used by millions of people and businesses to manage their finances—most of whom have never even heard of ‘Open Banking’. It... Continue Reading →

First live Request to Pay transactions

Answer Pay and Mastercard have completed the first live Request to Pay transactions in the UK. The move follows the launch of Answer Pay’s certified repository and is a significant step in the development of the Pay.UK ecosystem.  Answer Pay is designed to support payment services providers with Request to Pay+ services through a simple... Continue Reading →

Enhanced current account switching in the era of Open Banking

This article first appeared in the Payments, Payments, Payments newsletter - read, subscribe and share: The latest Current Account Switch Service discussion paper provides an update on work to consider how the UK’s current account switch journey could evolve in an era of Open Banking. Enhancing current account switching in the era of Open Banking examines... Continue Reading →

First phase of Trilo launched today

Hamish and the team at Trilo have built a whole new way to pay, secured with Open Banking, and they’re launching their first phase today! Go check it out: Earn cashback whenever you pay, all in a few seconds. Merchants receive their payments in minutes for 0.2%. Join them now and get your Earlybird rewards... Continue Reading →

Unleashing the Potential of Open Banking

The Emerging Payments Association (EPA), which celebrates collaboration and innovation between new and existing finance companies, has today (28 April 2020) published a report on open banking. Northey Point was pleased to be a contributor to this report. The report provides an analysis of opportunities for payments in open banking and strategies for realising them.... Continue Reading →

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