Payments News

On The Web

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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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Regulation

National Bank Charters for Fintech Firms

“The OCC’s decision, when considered with its historical approach to preemption under the National Bank Act, could expand the scope of federal banking regulation considerably and provide substantial opportunities. These opportunities could benefit not merely Fintech firms but investors in many such firms, who would appear to be able to control certain SPNBs and still […]
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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 […]

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

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 […]