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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.

 

Monzo launches API with Moneybox, Starling Bank expands its payments

20th February 2018 Emily Nicolle

The digital banking darlings are opening up to new avenues.   Announced today, challenger bank Monzo has opened up its recently launched API to Moneybox, an app which rounds up purchases and ...

P2P lender to smooth applications through Open Banking initiative

19th February 2018 Ryan Weeks

Lending Works has joined forces with challenger credit bureau Credit Kudos.   Practical applications of innovation linked to Open Banking are beginning to surface.   Peer-to-peer ...

Why it's OK that the majority of consumers don't know about Open Banking – for now

16th February 2018 Norm Peterson

Ignorance is bliss, the saying goes, in which case the British public is more than happy about changes to banking regulation that were introduced on January 13.   The new EU legislation on payment ...

Starling Bank breathes life into marketplace

13th February 2018 Ryan Weeks

Digital banking app announces first wave of financial services partners for third-party marketplace.   Users of Starling Bank will from today be able to access third-party products via the ...

Mobile banking start up Fiinu launches Seedrs crowdfunding campaign

12th February 2018 Emily Nicolle

The London-based fintech is looking to supply the UK’s underbanked with accessible credit.   Banking start up Fiinu has today launched a crowdfunding campaign on Seedrs, as it seeks £500k ...

TrueLayer and Zopa join forces for PSD2

9th February 2018 Emily Nicolle

The two platforms want to pioneer the first wave of Open Banking products and services.   TrueLayer, a London-based fintech which creates APIs for platforms to access data from mainstream financial ...

Australian government releases Open Banking review

9th February 2018 Emily Nicolle

After a comprehensive of the regime, the results are in on Open Banking.   The Australian government has today released the results of its review into Open Banking, after the country announced ...

Mobile network Giffgaff moves into finance with millennial banking app

8th February 2018 Emily Nicolle

Industry outsiders are starting to get in on the Open Banking action.   Giffgaff, the mobile phone network run by Telefonica, is set to launch its own personal finance banking app targeted towards ...

Banks took more than £9.9bn in fees last year, says Plum

2nd February 2018 Emily Nicolle

The AI money manager has launched a new tool to help save money on fees, and uncovered some worrying numbers at the same time.   Today, chatbot Plum has launched Fee Fighter, a free tool that ...

Investly launches Seedrs crowdfunding campaign

29th January 2018 Emily Nicolle

The European fintech is seeking £500k to support its growth.   Investly has launched its fundraising campaign today on European private investment platform Seedrs. The firm is planning ...

Yolt and Lloyds Bank make first connection through Open Banking

25th January 2018 Emily Nicolle

The money app is leading the way for third party providers under PSD2.   ING-owned banking app Yolt has become the first third party provider to complete a successful connection with an incumbent ...

Seven key facts about PSD2 that you may not know

24th January 2018 Myles Stephenson

The 13th January deadline for the Second Payment Services Directive (PSD2) to be enacted across EU nation states has now passed. The UK’s Financial Conduct Authority (FCA) obliged, incorporating ...

Debt tracker Emma integrates with Monzo

22nd January 2018 Emily Nicolle

It’s been a busy January in digital banking.   After receiving its FCA approval last week as a Registered Account Information Services Provider (RAISP), subscriptions and debt tracking ...

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