Payments News

On The Web

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Global

Canada sets up Committee on Open Banking

“The Canadian Government has established an Advisory Committee on Open Banking to explore the potential and pitfalls of a regime which would give consumers the ability to share their financial data with third parties. Announced as part of the federal budget in 2018, the four-person Committee will be tasked with dissecting the results of a […]
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Regulation

New York sues US to halt fintech charters

“New York’s Department of Financial Services (DFS) is suing the federal government to stop its decision to award national bank charters to fintech firms, saying it was unconstitutional and put vulnerable consumers at risk. According to Reuters, Maria Vullo, superintendent of DFS, called the July 31 decision by the Office of the Comptroller of the […]
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Regulation

CYBG Launches Energy Switching Service Within Mobile App

“Sam Bedford, head of CYBG’s accelerator says: “This partnership is a great example of our ability to work at pace to develop new digital experiences for customers which go beyond banking. Having been early adopters of Open Banking, our new partnership with GoCompare has launched the first energy comparison and switching service for bank customers […]
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Regulation

Access to Payment Systems on the Rise

“According to the fourth Access and Governance report by the Payment Systems Regulator (PSR), this improving access paves the way for new banks and payment companies to compete with established banks. A record number of new direct participants was recorded in 2018, with 12 organisations joining Faster Payment Scheme (FPS), Bacs and CHAPS. The first non-bank payment […]
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Global

OPEN BANKING AND THE POST-CARD WORLD

“Open Banking will be the biggest change to financial services since the introduction of electronic payments. However, to date Open Banking has fallen short of the expectations set throughout Europe. Why? Consumers aren’t aware of the initiative—92 percent of them are not, according to Which?—let alone educated on the opportunities that it presents. Without consumer demand, there […]
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On The Wires

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Domains

Nordea takes Open Banking beyond PSD2

“Nordea is launching Instant Reporting, a new Open Banking solution that enables corporate customers to access their own accounts and integrate real-time data with their own systems and processes. It is the first offering from Nordea that moves beyond legal requirements in PSD2 and turns Open Banking into a commercially viable product.”
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Regulation

Mastercard Unveils Solutions to Underpin Open Banking Transformation

“While the industry transformation has the potential to completely alter how consumers and businesses interact with financial services, Mastercard’s new suite of services will deliver practical answers to the real challenges that risk inhibiting open banking from realising its full potential. They will incorporate a pan-European directory of third party providers to help banks to ensure that […]
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Regulation

Department of Finance Canada Launches Consultations on Open Banking

“Canadians deserve a financial sector that is globally competitive and promotes consumer choice, while also delivering financial stability and economic growth. They must also have confidence that it operates with the highest regard for privacy and security. To this end, the Department of Finance Canada today released a consultation paper on the merits of open banking. The release […]