MRC | Merchant Risk Council’s Post

Read Spreedly's most recent featured blog post on the MRC | Merchant Risk Council blog, where Peter Dougherty, President of Spreedly, shares insights on the evolving landscape of open payments and open banking. Discover how these advances can unlock new growth opportunities and enhance financial stability. 🔗 Dive deeper: https://bit.ly/3Mgp9Uw #PaymentOrchestration #OpenBanking #Fintech #SpreedlyInsights #DigitalPayments

Open Banking Impact Report is out, and it's packed with insightful data about the adoption, experience, and outcomes driven by open banking in the UK. 🚀 Here are some highlights: 👩💻 By January 2024, 1 in 7 digitally active consumers and 1 in 5 small businesses in the UK were using open banking. 📊 In August 2023, open banking payments overtook data for the first time. The expansion of payments is a clear trend, with a notable uptick in data penetration. 📈 The number of open banking payments recorded by OBL reached a record high of 14.5m in January 2024, representing 69% year-on-year growth. 🏬 Small business penetration continues to climb, outpacing consumer adoption, though the gap is narrowing. 📈 Let's keep driving innovation and embracing the power of open banking! Read the full report for more insights here: https://lnkd.in/gsxCXqid #OpenBanking #Fintech #Innovation #Finance

Open banking has been titled a game-changer in the world of payments, yet most of it struggles to live up to expectations. 🔴 Most quick-fix open banking solutions are easy to integrate but can’t match the performance of card networks sharpened over decades. As transaction volumes climb, technical limitations emerge. Payments fail, take longer to process, or show delays in settlement. Frustrated businesses switch back to cards. The path forward is the first-of-its-kind kevin. payment network that enhances the best of open banking. By using our own end-to-end technology developed without third parties, we optimize payment performance and reliability. Our commitment to a 100% payment guarantee drives us to continuously improve our infrastructure. So merchants can get their payments fast and seamlessly. We’re confident that this type of open banking can finally eclipse cards. Not through corner-cutting but through innovative technology and dedication. That's how we build payments business can rely on. 

Insights from Money20/20 Europe show Open Banking payments are on the verge of rapid growth. Key Money 20/20 Europe Open Banking talking points and takeaways for the US: • Robust Security: Implementing strong risk and liability frameworks 🛡️ • New Use Cases: Expanding to account funding and bill payments 📈 Focusing on the overall experience will drive the next wave of growth. At Link Money, we're leveraging Open Banking to power secure and efficient Pay by Bank payments. We're committed to pushing the boundaries of what's possible with Pay by Bank. Let's keep the momentum going! #paybybank #money2020 #openbanking #payments

It will be fascinating to watch as the focus of open banking moves to a customer-centric model that prioritises transparency, accessibility, and control. As Dylan Lerner details in research: ✅ Centralisation will give customers a unified platform where customers can manage all aspects of their data preferences and connections. ✅ Informed consent will help customers understand present terms, conditions, and functionality in clear, accessible language so they can make clear, informed decisions about their financial data. ✅ And finally with control, banks will allow customers to share only the data they deem necessary. I love that the focus will move from regulatory to creating value for customers. #openbanking #fintech #financialservices

Discover the Transformative Power of API Connectivity in Commercial Banking: Unlocking Innovation, Efficiency, and Growth Opportunities. Dive deeper into how APIs are reshaping the banking landscape and driving sustainable success. #BankingInnovation #APIConnectivity #API #SustainableGrowth #Pointwest

Experts from GoCardless, Mastercard, Sopra Banking Software and Amplitude look back on #PSD2's impact on the open banking movement in this FinTech Magazine article. They also examine what #PSD3 will bring to the industry when it goes live in 2026. 💳 For #OpenBanking to be a success, the fintech industry must put emphasis on global collaboration, regardless of regulation. Read more:

We’re sharing our three imperatives that we believe are crucial for small and mid-sized financial institutions (FI) to drive both immediate and long-term growth. Let us know what you think. We listen, synthesize problems with our FIs, and build what they need. Keep it simple. 🙏 1. Free API Gateway: Implementing a free API gateway for real-time vendor monitoring to reduce operational costs and enhance efficiency for financial institutions. https://lnkd.in/gSNmZjv6 to join the waitlist! 💪 2. Digital Banking Platform: Offering a comprehensive digital banking platform that includes income-generating products, supporting seamless integration and promoting customer financial well-being. 3. Brand on Banking: Enhancing our patent-pending brand-on-banking technology to enable seamless integration with financial ecosystems at scale, while implementing cost-saving payment solutions. Promo Video: https://lnkd.in/gDNttVWR https://lnkd.in/gtEh_4sb #banking #brands #creditunions

Nicole Green, our VP for API products, strategy, operations and policy recommends four key steps to fully unlock the UK's Open Banking potential: ⚖️ Regulatory Stability: Establish consistent regulatory frameworks to boost investor confidence and accelerate progress. 🏛️Government Support: The UK government should offer explicit backing for Open Banking and Open Finance, learning from successful international models. 😄Enhance User Experience: Improve customer experiences to increase adoption by refining end-to-end processes and accelerating innovation. 🏦Bank Involvement: Encourage banks to invest in Open Banking, ensuring wider current account coverage and industry growth. With these four key steps implemented it will enable the UK's fintech leadership to continue. #openbanking #openfinance #digitaleconomy

In 2019, 30% of German banking executives weren’t a big fan of Open Banking. 🤔 By June 2022, German bankers push for even bigger changes to make banking fit better with what customers need.  🚀 Today, the European Parliament has officially approved instant payments. 💳⏱️ The new regulation means that Europe is only catching up with many of its economic competitors, like Brazil, Australia and the UK, where Volt.io is already live & growing fast. So, why choose open banking for your business now? 1. You will work with innovative products 2. As your business grows, so will your products 3. Your products simplify the lives of your users Seeing all the great start/scale ups rising with new ideas for their consumers, I see same for open banking. Why? It benefits the consumers by improving their control over their financial data, providing new financial products, and streamlining payment processes. 🙏 Whereas, businesses benefit from all the perks like faster settlements, fraud prevention, real-time reconciliation, a great UI and much much more. 🌟 As our CEO, Tom Greenwood used to say in his interview with Forbes: “It’s really just about using the technology of the 2020s rather than the 1950s”. 👌 So, without sounding too salesy, if you're looking to join the drive of payment innovation or are just keen to see if it could benefit your business, I am an open book - lets chat! 🤝 Happy Friday everyone! 💙 #openbanking #realtimepayments #germany #wealthtech #voltology