CMA announces next steps on future oversight of Open Banking

28th March 2022 Consumer Lending | #open banking

The Competition and Markets Authority (CMA) has published its recommendations for the future oversight and governance of Open Banking. The CMA’s recommendations will be taken into consideration in the design of a future entity to succeed the Open Banking Implementation Entity (OBIE). The future entity would build on the significant progress made to date by…

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CMA criticises banks over Open Banking breaches

The Competition and Markets Authority (CMA) has criticised Lloyds and Barclays for mistakes made when giving information to price comparison websites, potentially misleading customers and breaking open banking rules. The CMA outlined a number of instances where the two banks breached the 2017 Retail Banking Market Investigation Order in relation to open APIs. The CMA said both…

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Open Banking business online retailers could save over £19,000 a month in transaction fees

The average SME online retailer could save an estimated £19,000 by reducing transaction fees associated with popular payment providers such as AMEX, Mastercard and Visa could through the adoption of Open Banking technology, according to research from Yolt. At present, small online retailers in the UK process approximately 217 sales a day – increasing by…

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OBIE appoints new Chief Executive

The Open Banking Implementation Entity (OBIE) has announced the appointment of Henk Van Hulle as the organisation’s first Chief Executive Officer. The creation of this new position was recognised in the CMA’s recently published updated governance arrangements for the OBIE, as part of a package of changes that deliver a strong and effective governance and…

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Ecospend and Contis agree Banking-as-a-Service partnership

Open Banking technology specialist, Ecospend has announced that it is partnering with European Banking-as-a-Service (BaaS) provider, Contis. Contis offers a range of BaaS products to its customers across a variety of sectors, including cloud-based, real-time accounts and payments solutions. By integrating Ecospend’s ‘pay-by-bank’ technology, Contis’ customers will have the option to make account-to-account payments, as…

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Open Banking adoption in lending predicted to hit 70% in next two years

10th December 2021 Consumer Lending | #open banking

A new report published today by Open Banking credit reference agency, Credit Kudos has found that nearly nine in ten (87%) of those say they plan to adopt it within the next two years, meaning that by 2023, seven in ten lenders (70%) overall are expected to be using Open Banking. One in four lenders…

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Ecospend and London Mutual Credit Union agree ‘pay-by-bank’ services partnership

7th December 2021 Company News | #open banking

Ecospend, a UK provider of Open Banking APIs, has announced a partnership with London Mutual Credit Union that will enable ‘pay-by-bank’ functionality to its customers. The change will result in real-time money transfers, driving the credit union further towards its vision of achieving a friction-free experience for customers. As the largest credit union in the…

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Finance firms prioritising payments and customer experience with open banking spending growth

1st December 2021 Consumer Lending | #open banking

New research published by open banking platform Tink has revealed an increase in spending among Europe’s financial executives, with 47% saying their open banking budgets have risen in 2021. This follows a challenging year in 2020, where financial institutions battled budget restrictions against the race to serve more customers digitally. The research, based on 308…

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FCA to scrap 90-day open banking rule

30th November 2021 Consumer Lending | #open banking

The Financial Conduct Authority (FCA) is looking to scrap a key open banking rule requiring users to reauthenticate access to customer accounts every 90 days. The move will mean that consumers will no longer need to reauthenticate permissions with Account Servicing Payment Service Providers every 90 days if accessing account information through a third-party provider.…

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Ecospend appoints Head of Solutions

Ecospend, a provider of Open Banking APIs, has announced the appointment of Sarah Lambert as Head of Solutions. Lambert will be working with the team to help Ecospend identify and deliver data-based solutions, powered by open banking technology, that meet the needs of more vulnerable customers. As a Sales and Affordability product specialist, Lambert will…

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Report outlines huge potential growth for open banking

14th October 2021 Consumer Collections | #open banking

Open banking provider, Yolt Technology Services (YTS), launched its inaugural European Open Banking Outlook (EOBO) revealing huge growth potential for open banking, with 40% of banking customers across Europe’s biggest markets not currently using any open banking solution. YTS also sets out how this potential can be unlocked. The EOBO, produced in partnership with the…

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Over half of credit providers planning to implement Open Banking this year

13th October 2021 Consumer Collections | #open banking

Over half (55%) of UK credit providers plan to implement Open Banking in 2021, with 93% of those businesses expecting to do so in the next 12 months, according to the latest Open Banking Research Report by credit reference agency, Equifax. With the pandemic accelerating consumer adoption of new technologies, and more digital data available…

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