Nomo, enables people to open current accounts in 6 different currencies. How is that a multi-currency account? It just means you can see all your currency accounts in one portal.
19 Apr 2023 10:35 Read comment
Adoption will be accelerated by making it easier for smaller financial institutions to become Open Banking compliant. A one size fits all approach makes this prohibitive for newer startups.
09 Feb 2023 10:55 Read comment
Last month, the Chancellor set out his vision for prosperity in the UK, noting his ambition to turn the UK into “the world’s next Silicon Valley”. He celebrated the UK’s “world beating” fintech sector, praising UK unicorns Monzo and Revolut.
While at the same time announcing the withdrawal of funding of Tech Nation?
09 Feb 2023 10:47 Read comment
Greater adoption and innovation in Open Banking will not happen while there is a one size fits all Standard for complying.
A system and API Standard built for the 9 largest banks cannot possibly work for smaller financial institutions, maybe just starting up and building revenues & not yet profitable.
The requirements, both financial and technical, to become and maintain compliance are way too onerous, especially as there is little to no benefit to be gained.
23 Dec 2022 10:02 Read comment
Surely the question should be at what point will card schemes become obselete as opposed to when will we become cashless.
16 Jul 2021 13:06 Read comment
In this digital age there is no reason there shouldn't be basic bank accounts for everyone, that could in time be developed into full financial inclusion. It has been proven in developing countries, where banks were initially convinced there was no profit to be made from the lower end of the financial spectrum, that these people can be profitably banked. This financial inclusion then benefits the whole economy.
It could be that the regulators need to insist banks of a certain size offer basic accounts for the unbanked. Similar to attempts to get property developers to include affordable housing in any development.
Not sure that will ever happen though.
15 Jul 2021 09:59 Read comment
Hopefully not another project that gets bogged down under the weight of committees, consultations published papers etc. The technology exists to enable them to just get on with it.
12 Nov 2019 12:23 Read comment
As long as the UK finance regulators insist in forming a multitude of committees populated by people there to protect their vested and contradictory interests nothing will ever be acheived.
The only way new systems will be developed and adopted is for Fintech to co-operate with open minded and forward thinking banks (there's the real challenge) to trial and implement new ideas.
16 Aug 2019 11:48 Read comment
Well Done!!
In all the information I have read over the past year you are the first to raise the issue of customer consent which seems to be being taken for granted.
This is another advantage the Banks will have initially over Fintech's in that I am sure the majority of customers will give permissions more freely to their existing bank than a new Fintech.
Only a short window of opportunity though?
24 Jan 2017 11:11 Read comment
Can the regulators ever credibly state they are operating in the interests of customers as oppposed to global corporate entities when they stand aside while banks refuse to support small Money Transfer Operators who operate within best AML practices and do nothing more than fine the equivalent of a drop in the ocean a company who was knowingly complicit in money laundering over an eight year period.
Staggering!!!
19 Jan 2017 20:17 Read comment
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