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The new feature will enable business customers to verify how much a user has in their bank account in seconds to reduce instances of payment failures, which drive up the cost of direct debit transactions.
The company has entered the Kingdom of Saudi Arabia on the basis it is embracing Open Banking “at a higher pace than other regions”.
Lena Hackeloer, CEO of Brite Payments, on why tackling a lack of standardisation across banking APIs will unlock Open Banking’s full potential.
The fintech subsidiary of Iceland’s largest telco provider Síminn is the first non-financial institution in the country to issue its own credit card.
The Treasury makes the recommendation in a new report, ‘Assessing Impacts of New Entrant Non-bank Firms on Competition in Consumer Finance Markets’.
The new firm will help businesses “get ready” for the Consumer Data Right and develop their Open Banking strategy.
Chief product officer Meron Colbeci will establish the hub, and will be joined alongside a newly-appointed team of senior leaders.
The latest edition features interviews with Canada’s Open Banking lead Abraham Tichjian and the UK’s OBIE chair and trustee Charlotte Crosswell.
With Open Banking the transaction cost number drops from 8% to less than 1% of the payment processed.
The banking sector is “a natural starting point” for rolling out consumer data rights, according to the Minister of Commerce and Consumer Affairs.
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