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Category: Open Banking

Open Banking

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 will be given the […]

Open Banking

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 process will be important input […]

Open Banking

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, to the widespread adoption of Application […]

Open Banking

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, as well as new entrants […]

Open Banking

untied makes the first Making Tax Digital for income tax submission using Open Banking data

untied launches Making Tax Digital early adopter programme, the first end to end service recognised by HMRC. Source: untied untied, the UK’s personal tax app, today announced that one of its users has successfully made the UK’s first Making Tax Digital (MTD) for Income Tax submission powered by Open Banking data. Making Tax Digital for Income Tax (also known as […]

Open Banking

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 an open banking payment to […]

Open Banking

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 development on Open Banking in […]

Open Banking

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 really shows that if you […]

Open Banking

Open banking product usage surges in UK

Open Banking is taking a firm hold in the UK, with user numbers doubling to two million in just over six months. The latest figures from The Open Banking Implementation Entity (OBIE), the body set up by the Competition and Markets Authority (CMA) to deliver open banking in the UK, show a steady increase at a rate of around 160,000 […]

Open Banking

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 integration.  In July, Mastercard successfully […]

Open Banking

Enhanced current account switching in the era of Open Banking

This article first appeared in the Payments, Payments, Payments newsletter – read, subscribe and share: northeypoint.substack.com/welcome 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 the switch journey today and […]

Open Banking

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: get.trilo.io/p/michaejj 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 (cashback & free transactions) Go […]

Open Banking

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. With an overview of global […]

Open Banking 0

The Evolution of Open Banking beyond Europe

Finextra: Jim Wadsworth, SVP Open Banking at Mastercard spoke to Hannah Wallace, FinextraTV at Merchant Payments Ecosystem 2020 in Berlin about how things have moved on with Open Banking and the part regulation has played moving European intervention along. We learn about the impact innovation and collaboration has had on the merchants payments industry, areas where we are seeing the […]