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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.
The bank has expanded its API suite to support demand from corporate, commercial, and institutional customers for real-time payments and automated reconciliation.
The technology behind Pay-by-Bank “reduces the likelihood of unauthorized transactions” and “frees” billers and merchants from having to retain consumer banking information.
The digital-only bank will charge UK-based Nigerians a flat fee of £3 with a transfer limit of £10,000.
