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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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Robert Sullivan Public Policy & Strategy Director at Token
It’s now been over a month since the European Commission (EC) published their package of proposals for the next generation of payments regulation in the EU. The proposals – which will see PSD2 split into a new directive (PSD3) and regulation (Payment Services Regulation/PSR) – have generated plenty of headlines since their release. But what are t...
09 August 2023 /payments
Lisa Scott CEO at Banked Europe
In every corner of the world, financial regulators are taking steps to advance open banking, with fresh regulations and frameworks recently announced in the EU, UK, US, and Australia. However, each regulator is taking a different approach, tackling region-specific issues to advance payments infrastructure and improve the consumer experience. Whils...
09 August 2023 /payments /regulation
Kathy Stares EVP North America at Provenir
Open banking is here and is showing no signs of slowing down. According to a recent Finastra survey, 56 percent of US financial institutions (FIs) surveyed regard open finance as a “must have”, up from 45% in 2021. Globally, the open banking market is expected to grow to $43 billion by 2026 from its value of $7 billion in 2018. Open banking is th...
07 August 2023 /retail /inclusion
Sam French Product Manager at Token.io
It’s now indisputable: open banking powered payments are well on their way to becoming a mainstream payment method across Europe. And the numbers bear this out. Against a backdrop of such explosive growth, many payment service providers (PSPs) are looking to offer their own ‘Pay By Bank’ as a core payment method to their merchants. The quality...
25 July 2023 /payments /retail
Hassan Mohamed Management Consultant at Capco
Data has become a commodity in our everyday life and making a good use of it is the new game-up across all industries. Financial services have been heavily disrupted by transparency regulatory directives to better manage users’ data. Open banking initiative is one of the most important directives that has transformed the banking sector that elimin...
25 July 2023 /payments
Farouk Ferchichi Group President, Envestnet Data and Analytics at Envestnet
As the Consumer Financial Protection Bureau (CFPB) finalizes its Dodd-Frank Section 1033 rulemaking, the U.S. is on the brink of establishing an open banking ecosystem. While some smaller community and regional banks may perceive this as a compliance challenge, Envestnet recognizes the significant value a customer-centric open banking framework wi...
18 July 2023 /regulation /retail
Jessica Bayley Head of Marketing at Acquired.com
More than 600,000 British businesses now use open banking (OBIE) in either a data or payments capacity. From streamlined collections in sectors such as lending and retail to increased financial control and tailored repayment options for customers, including open banking payments as part of a customer-centric strategy is paving the way for a more i...
15 June 2023 /payments
Erica Virlan Vice President at Salt Edge
Travel is one of the world’s biggest and crucial service industries in modern times. Statista predicts the sector will be worth US$1,015.60 billion by 2027, while 74% of total revenue will be generated through online sales. The introduction of open banking in 2018 changed the face of many industries and has impacted consumers around the globe. Sim...
02 June 2023 /payments
Maysam Rizvi CEO at Elifinty
Households throughout the UK are struggling with the cost of living; from soaring food and energy costs to higher interest rates, communities throughout the country are tightening their budgets. Consumers are entering problem debt to make ends meet, spurred on by easy-to-access online lending. But not all is lost - the fintech industry is enabling...
31 May 2023 /sustainable /inclusion
The pandemic has acted as a catalyst in the widespread adoption of digital payments, propelling contactless payments to the forefront of this transformation. According to a recent report from Juniper Research, the total number of unique contactless mobile payment users will reach 1 billion globally by 2024, rising from 782 million in 2022, represe...
09 May 2023 /payments /retail
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