Industry news

Online research from Equifax has revealed the lack of awareness of banking options among consumers. When presented with a list of digital banks 60% hadn’t heard of any of the brands and only 20% would opt for a challenger bank if opening a new account today.   The survey, conducted…

Metro Bank has launched its developer portal, opening up the bank’s platform to FCA-registered third-parties wishing to build services on top of its APIs and helping to create more choice and opportunities for consumers and businesses to better manage their money. Built in collaboration with Google’s Apigee team using Apigee’s…

Nationwide Building Society has challenged the fintech community to develop Open Banking technology that helps improve the lives of the one in four UK households who are financially squeezed – equivalent to 12.7 million people Launching in September, Open Banking for Good will pair established fintechs and start-ups with debt…

Liberis has taken advantage of Open Banking technology to increase funding access for SMEs by using it to process a full funding application. The alternative finance provider worked with fintech OpenWrks after it was granted access by the customer to see their bank account transaction data in real time. This…

Citi is set to become the first corporate bank to use the UK’s new Open Banking regime to enable its business clients to receive small payments directly from their UK customers’ bank accounts.  Open Banking rules require European banks to give third parties access to their customer data, if the…

New research from Unisys Corporation (NYSE: UIS) into Australia’s banking industry reveals that almost a third of Australians are willing to support data sharing in an open banking environment, but only if privacy and security concerns are addressed. The research also found Australian consumers are less willing than those in…

NorthRow extends remit to provide verification checks of FinTech and financial organisation users for Open Banking across European Union and globally. NorthRow (a Contego solutions business), the RegTech and compliance specialist, has been chosen by the UK’s Open Banking Implementation Entity (the ‘OBIE’), to verify its users in the European…

Mastercard has unveiled a suite of services to help banks and fintechs navigate the Open Banking terrain. The programme seeks to address the liability worries of banks sharing their data with third parties and to help startups to better communicate with their banking partners. For banks, Mastercard is building a…

The announcement by the Competitions and Market Authority (CMA), in August to implement Open Banking is set to transform how data is shared and how traditional banking is managed by the bank and the customer. This new regime will give people a much better understanding of the benefits they can receive from their…

Hong Kong and London-listed Standard Chartered plans to apply for a virtual bank licence, making it the first traditional bank seeking a licence locally to operate purely online without physical branches. The Hong Kong Monetary Authority last month announced details on its virtual bank licences and set August 31 as…