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 services which will be at […]
Variable Recurring Payments (VRPs) are one of the latest ideas in open banking, some say that they might rival Direct Debits. Open Future World, Ozone and UK Finance have decided to host the world’s first open banking Hackathon, with sponsorship from Accenture, Mastercard, VOLT and Worldpay from FIS. The hackathon will focus on financial institutions can use open banking to implement variable […]
In this thought piece Nick Raper at Nuapay asks how can Open Banking make Direct Debits more secure? As well told in a previous blog by Mike here, Direct Debits first emerged back in 1968, when a Unilever employee invented a solution to the problem of collecting variable payments from thousands of ice-cream sellers. The employee, Alastair Hanton, did this by obtaining […]
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 was published in January 2021. […]
Over half (55%) of CEOs at Building Societies view Open Banking as an opportunity according to a new report published by Whitecap Consulting, in partnership with the Building Societies Association (BSA). However, this technology is relatively new and unexplored by the sector with just over a third saying that they have not yet assessed Open Banking’s benefits for their business. Only a further […]
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, after three years of focusing […]
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 scenarios, including bill payments, at […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 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 users per month. […]
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 […]
