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Category: Open Banking

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: 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: 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 […]