The Paypers’ Post

Study by Nat West highlights 150 hour back-office time cost savings on top of large processing cost reductions for businesses embracing Open Banking. https://lnkd.in/dPcG2F6H #openbanking #payments #costmanagement #efficiency

UK open banking hits 10 million users. Payment Initiation Service users are up 61% year-on-year, while Account Information Service users have grown 27% year-on-year. #openbanking #openfinance #digitalbanking #engagement #personalisation #financialwellness

Moneyhub has been named as a supplier of Crown Commercial Service's (CCS) Open Banking Dynamic Purchasing System (DPS) framework. #OpenBanking #banking #unitedstates #canada #embeddedfinance #authentication #identification #pfm #enricheddata #dataenhancement #customerinsights #personalfinancialmanagement

More than 10 million UK consumers and small businesses are now experiencing the benefits of open banking technology. With Payment Initiation Service users up 61% year-on-year and Account Information Service users growing by 27%, it's clear that this innovative ecosystem is making a significant impact. Read more: https://heyor.ca/4UkZPc #OpenBanking #UK #PaymentInitiationService

Open Banking is transforming the way banks and customers interact, unlocking a wealth of opportunities. Central to this are Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs), whose roles are essential to understanding the Open Banking ecosystem. 🔍 AISPs: These providers gather financial data from various sources, such as different bank accounts, and consolidate it in one place. This comprehensive view of your finances simplifies tracking spending and planning budgets. 💸 PISPs: Acting as direct payment facilitators, PISPs enable you to make payments directly from your bank account to merchants. This results in faster, more secure transactions, enhancing the overall payment experience. AISPs and PISPs play a crucial role in the Open Banking. Learn more about Open Banking here 👉🏼 https://lnkd.in/gQfnh6_g 

Open banking is a secure financial practice that allows banks and financial institutions to share customer data, with explicit consent, through standardized APIs. This facilitates the development of innovative financial products and services by third-party providers, enhancing competition, transparency, and customer-centric solutions in the financial industry. At Mozrt, our MFX platform uses open banking to facilitate near real-time cross-border money transfers. By empowering clients to initiate payments digitally, we eliminate manual processes and enhance efficiency. Integrated with banking systems, MFX performs automatic compliance checks, debits accounts, verifies information, and supports dual approvals, streamlining the experience for all stakeholders involved. Similarly, our OnBoard+ platform leverages open banking to enable users to open, validate, and fund bank accounts in minutes, accessible 24/7. With our user-friendly interface and open banking integration, account management becomes simple and hassle-free. At Mozrt, we are dedicated to providing 24/7 access, near real-time transactions, and a seamless user experience. By embracing open banking, we offer an integrated solution that meets the evolving needs of modern banking and financial services. Of course, we extended all of this functionality out to our clients and their customers. #Mozrt #OpenBanking #RealTimePayments

Bespoke merchant banking is critical for businesses to thrive, but it often falls short. Tailored banking infrastructures are typically reserved for larger enterprise-level businesses. We find that many of our clients outgrow their current banking providers, as typical business accounts don't allow for the customisation needed to suit their specific financial operations. This growth leads to more operational work, causing frustration and draining resources. But what if you could create unlimited sub-accounts connected to your master account? With 3S Money, you can create unlimited dedicated accounts for any purpose, such as per deal, per asset, per supplier, per customer...the list is endless. Automate processes such as reconciliation and payment approval. With our API, you can automate sub-account creation, allocation, access levels and start the payment initiation process to be approved by specific users. Merchants need customised banking infrastructure that grows along side their business and payment needs. #digitalmerchantbank #businessbanking #businessaccount #bankinginfrastructure #merchantbanking

Advancements and Challenges in Open Banking and Cross-Border Payments https://lnkd.in/dGfPRxbn #OpenBanking #CrossBorderPayments #Fintech #GlobalFinance #FinancialInnovation #APIs #SecureTransactions #FinancialTechnology #InternationalPayments #BankingChallenges

The strong wave of instant payments at first was not facilitated by large-scale banking players. Now we’re beginning to see core banking service providers treat instant payments as a key strategy. Are we about to see instant payments reach a new level of sophistication? By virtue of the resources and influence core banking service providers have had and still have, I believe so. #Banking #InstantPayments #Payments

🏦 Open banking is on the rise, offering transparency and control through secure data sharing. But is it the future of finance? 🔓 Explore the potential of open banking and some of the trends and challenges that we are seeing for consumers and businesses. Read our latest story here: https://lnkd.in/drcU4gmb 📬 Want to read more articles like this? Subscribe to our daily Newsletter here: https://lnkd.in/e2CXdTaK. #OpenBanking #API #Transparency #SecureDataSharing #Finance #Business #Consumer #Newsletter #StayInformed