Industry news
New-Zealand-based cloud accounting platform Xero has announced the imminent release of an open banking API. The full featured API will allow banks, fintechs, and financial institutions to integrate with the platform with minimal development, the company said. As a result, data can be imported via direct bank feeds, allowing for…
Consumers are set to benefit from an improved user experience under Open Banking, but what is the opportunity for banks and PSPs in the new Open Banking era? Open Banking is without doubt one of the most significant changes in the European banking sector in recent years. Many banks in…
Australia’s New Payments Platform is expecting a surge in transactions as the country’s Big Four banks roll out Osko, an overlay service which enables account-to-account real-time payments via e-mail and mobile phone numbers. Launched in February this year, the NPP board and bank-backed infrastructure body Bpay have been waiting on…
Life insurance technology provider Anorak has partnered with open banking platform Starling to offer its customers life insurance. Starling is one of a number of mobile finance app solutions to have emerged in recent years. The partnership with Anorak will allow Starling customers to connect their account to Anorak’s service…
Turnkey open banking platform provider, Token.io Limited, today announces it is the first Payment Initiation Service Provider (PISP) to conduct an end-to-end payment with public bank APIs for each of the CMA9, a group of the nine largest banks and building societies in Great Britain and Northern Ireland. Reaching this…
The global banking industry is undergoing a wave of disruption and there has never been a better time for fintechs and developers to hitch a ride on the wave. Introduction of the Hong Kong Monetary Authority’s Open API Framework for the banking sector is throwing up an unprecedented amount of…
Europe’s financial services industry has been forced to embrace Open Banking and customer data sharing. Now, with PSD2, U.S. banks will soon have to follow suit or face increased online competition. Two significant changes to European Union regulations have given the FinTech industry a major shot in the arm and…
Lufthansa Group is increasingly turning to application programming interfaces (APIs) as a way to expand its digital reach, cut out aggregators and diversify its direct sales channels. Through its digital Innovation Hub in Berlin, which was founded in 2014, the airline group (Lufthansa, Austrian Airlines, Swiss and Eurowings) has been…
The Open Banking system was designed to give consumers more control over their financial information and access to a wider range of products and services. However, there have been concerns over the general safety of consumer data as we approach this new banking revolution. Below are some of these concerns:…
Seven months have passed since the U.K.’s biggest banks were mandated to release open APIs for their customers’ account information under open banking and European Union PSD2 regulation. The process was completed by mid-April, but it fell short of creating a truly open system for data sharing. One of the…
