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Open Banking / PSD2 Begins

 

Saturday 13 January 2018 marked the start of an information revolution in banking. PSD2, which is pan-European, and Open Banking in the UK will open up access to vast swathes of transactional account data that have until now been the preserve of the big banks.

The possible uses of this data are seemingly endless, but in the medium-term it is expected to allow consumers a better understanding of their financial position, while allowing fintech lenders to underwrite loans faster and to price risk more accurately. There have been inevitable delays to implementation, but in the long-term, most agree that these directives will have a marked impact on financial services.

 

Open Banking - a lifeline for high street retail

19th January 2018 Michael Rolph

The introduction of the Open Banking framework has arrived just in time for high street retail as it faces the severest competition from online, which is causing a dramatic impact on footfall and sales.   Look ...

Moneybox and Flux gain FCA authorisation

18th January 2018 Emily Nicolle

More AISPs have been added to the post-Open Banking list.   Flux and Moneybox are the latest fintechs to receive authorisation from the Financial Conduct Authority as an Account Information ...

Banking challenger Curve launches to UK consumers

17th January 2018 Emily Nicolle

The wait has ended: Curve’s “connected card” is now live.   Curve, the mobile app that connects all of your debit and credit cards to one ‘Curve’ card, launched ...

Fintech firms weigh in on launch of Open Banking

12th January 2018 Ryan Weeks

Two of the most hotly pieces of legislation in finance, PSD2 and Opening Banking, go live tomorrow.   Tomorrow marks the start of the information revolution in banking. PSD2, which is pan-European, ...

Open Banking Levels the Playing Field for SMEs and Brings Hope of a Better Future for financial services

11th January 2018 Felicia Meyerowitz Singh

Felicia Meyerowitz Singh, Co-founder & CEO, Akoni Hub, explains why PSD2 may be a blueprint for a better future of finance.     It’s been a long time coming but we are ...

Consumer awareness of Open Banking at major low, spelling traditional banking demise

2nd January 2018 Emily Nicolle

If no one knows about it, how might this affect platforms who want to reap the benefits?   As we prepare for the staggered implementation of Open Banking, which begins on January 13th, data ...

ING’s money app Yolt hits 100k users in Open Banking triumph

1st December 2017 Emily Nicolle

The money management platform has soared after less than six months in Beta.   Since launching in July, Yolt has reached over 100,000 registered app users while still operating in Open Beta ...

Open Banking Will Unlock the Door for Digital-Only Banks

24th November 2017 Lewis Hill

Instinctif's Lewis Hill highlights how Open Banking could pave the way for challengers to usurp the big banks.   Ask people who they bank with and you will more than likely hear one or a ...

Starling Bank puts Open Banking to the test

23rd November 2017 Emily Nicolle

The digital bank is squeezing all it can get out of the new regulations with its newest integration.   Announced today, Starling Bank has entered into another partnership on its Open Banking-compliant ...

PSD2 and the digital journey

2nd November 2017 Rob Haslingden

The Payment Services Directive (PSD2) has been designed to create better fraud protection for online purchases.   What is PSD2?   PSD2 was introduced with a clear objective: protecting ...

Move over PSD2 – time for Open Investment

24th October 2017 David Stevenson

A couple of weeks back I hosted a panel on Open Banking and PSD2 at the Lendit Europe event. I’d like to think we roamed widely in our discussion of the issues and challenges but as we chatted it ...

PSD2 signals a return to relationship banking, says Temenos

19th October 2017 Ryan Weeks

Temenos product manager Peter Ryan says PSD2 will return a personal touch to traditional banks.   Some see PSD2 as a force that will consign banks to a behind-the-scenes role. Paul Riseborough, ...

Fintechs will force banks to embrace open banking: Accenture

19th October 2017 David Tuckwell

Everyone believes that open banking will come in – even big banks.   Competition from fintechs and tech giants will force big banks to embrace open banking.   A new survey by ...

Interview: PSD2 will improve risk decisions (if banks play ball)

11th October 2017 Ryan Weeks

Funding Circle Netherlands lead talks PSD2, pension funds’ increased appetite for online loans and the potential for fintechs relocating to Amsterdam.   Brussels regulators spent last ...

HSBC launches Open Banking solution ahead of schedule

28th September 2017 Ryan Weeks

The banking giant will allow its 17m customers to view all their bank accounts in one app.   HSBC’s Open Banking app is here, beating the official implementation of the scheme’s ...

How to make a success of PSD2

20th September 2017 David Stevenson

This week over in MoneyWeek I’ve an article enthusing about PSD2 and the rise of Open Banking. I won’t steal the thunder of that piece but in general I think it is a real game changer with ...

People will be more banked in the future, says Metro Bank exec

13th September 2017 Ryan Weeks

PSD2 is set to accelerate a long-standing trend of customers using more and more bank products, according to Metro Bank’s chief commercial officer.   The second Payment Services Directive ...

The latest craze in fintech: layered banking

25th July 2017 Ryan Weeks

I recently went on holiday in Europe, accompanied by five other people under the age of thirty. Every single one of them carried with them either a Monzo or Revolut card. It was the first time in nearly ...

 

Compliance Guide 2018

Brought to you by:

Fox Williams
IP Sentinel
GDPR Action Checklist
12th December 2017
Jonathan Segal
Are PSD2 & GDPR set on a collision course?
12th December 2017
Daniel Lanyon