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Open Banking Excellence (OBE) Launches First of its Kind Open Banking in a Box Programme to Drive UK Ecosystem Expansion Abroad ✯ Helen Child ✯, Founder and CEO at Open Banking Excellence (OBE), said: “We’re proud to fly the flag for UK open banking around the world. Our Open Banking in a Box programme is the very essence of what a community is—bringing together global knowledge, expertise and diversity of thought to deliver a world-class service for Regulators. In parallel, pathfinding export opportunities for UK businesses. The UK has a vibrant marketplace and the best use cases in the world to share. We believe in shaping a regulatory narrative highlighting the importance of a use case-driven approach. Location, location, location! The well-known phrase, emphasises the importance of getting the fundamentals in place when building or buying a house. I’ve learned that thriving open banking & finance ecosystems are built on the foundations of use case, use case, use case! It all starts with the use case and comes back to the use case. It’s your North Star. We continue to leverage the UK’s leadership position in open banking, sharing the lessons learned to create thriving ecosystems, enabling economies and citizens around the world to have more control over their finances.”   https://lnkd.in/ed96YWXC #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

UK lays the groundwork for open finance era with completion of open banking Roadmap Big news from the UK! The Open Banking Roadmap is now fully complete, with all major banks on board, including Danske and Bank of Ireland. Open banking is booming, with over 11 million users and counting! And the future looks even brighter—soon, we’ll see open banking evolve into open finance across industries like energy and telecoms. It’s a revolutionary time for the way businesses and customers handle payments and data! Read more at 👇 https://okt.to/dyvzNf #Banking #Digital #OpenBanking #technology #Fintech

🚀 Exciting developments in US #OpenBanking! As the industry awaits the Consumer Financial Protection Bureau's (CFPB) final ruling on Section 1033, the implications for consumers, financial institutions (FIs), and fintechs are profound. This landmark regulation aims to empower consumers with greater control over their financial data, enabling seamless sharing between institutions and fostering competition. But it’s not all smooth sailing. Experts warn that the complexity and tight timelines for compliance present significant challenges, especially for smaller players - see article below. Open banking adoption is gaining momentum worldwide, driven by regulatory frameworks and consumer demand for transparency and control over financial data. While regions like the UK and EU lead with robust regulations mandating API access, Australia has also made significant strides with its Consumer Data Right (CDR), expanding open banking to savings, investment, and pension accounts. As financial institutions and fintechs innovate to harness open banking’s potential, the global landscape is evolving rapidly, but challenges remain in achieving widespread integration and consumer trust. The future promises increased competition and better services, but stakeholders must collaborate to unlock the full benefits of open banking. #OpenBanking #FinancialInnovation #Compliance #Fintech #ConsumerEmpowerment

So great to see the progress highlighted in the Open Banking Impact Report. The insights underscore the transformative power and growing confidence in open banking. Lovely to see payments outstripping data. Great adoption, but let’s work to make adoption even simpler for small businesses so more and more SMEs can enjoy frictionless, cost-effective payments with instant settlement direct to their bank accounts. Onwards to even more adoption, innovation and growth!

💥 The open banking ecosystem now serves over 11 million users, driving £4 billion in value 💥 The UK's Competition and Markets Authority (CMA) has completed the final #OpenBanking Roadmap, marking a significant step toward the #OpenFinance era. The Roadmap’s completion, involving nine major banks, enables new payment innovations, including Variable Recurring Payments (VRPs) for services like sweeping. This achievement is aligned with the expected introduction of the Digital Information and Smart Data Bill, which will extend open banking principles to sectors such as #energy and #telecoms.

Open Banking Expo Awards Return to Celebrate Excellence in Open Banking, Open Finance, and Payments Kelly Stanley, co-founder of Open Banking Expo, remarked, “The past year witnessed significant advancements in Open Banking and Open Finance, which have been driven by both the market and regulation. We’ve seen remarkable achievements, from ground-breaking innovations and products to novel ways of serving customers and supporting SMEs in accessing better financial services. Once again, the Open Banking Expo Awards offer an exceptional platform to showcase and celebrate these accomplishments with the global Open Banking, Open Finance, and Payments community.” https://lnkd.in/dczga55r #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

The UK stands at a pivotal moment with Open Banking, as 10 million consumers and small businesses are already reaping its benefits. This achievement highlights the UK's long-standing dedication to fintech innovation. Open Banking has made it easier for people to access affordable credit, save regularly, and make smarter financial choices, significantly improving financial well-being. However, to fully harness its potential, more work is needed, especially in extending Smart Data initiatives to other sectors. Here are 4 steps to advance Open Banking: #OpenBanking #Fintech #Innovation

Is your payment strategy ready for the future? As the financial landscape shifts towards growth after years of uncertainty, payments are at the heart of this resurgence. But are you doing what it takes to optimize your payment systems in this new era? Peter Dougherty, President of Spreedly examines the evolving world of payment orchestration and the rise of Open Banking. He explores how businesses can leverage these innovations to unlock new growth opportunities and maintain financial stability. Key Takeaways: ➡ Open Banking is transforming payment orchestration—providing more flexibility and access to valuable data. ➡ Diverse payment methods are crucial for entering new markets and staying competitive. ➡ Optimizing payment performance can significantly impact your business’s success, with even small improvements making a big difference. ➡ An open payments platform offers the freedom to choose the best payment solutions without being tied to legacy systems. Read the full article here 👉 https://lnkd.in/gnCQCgck

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

The Global Treasurer, “Is Open Banking The Future of Finance?” May 22, 2024: By utilizing APIs for secure data sharing, #openbanking offers customized financial services and streamlined processes. Originating from Europe’s PSD2 legislation, the UK has become a leader in this domain, experiencing significant adoption and economic benefits. However, challenges like security concerns and low public awareness persist. Future legislative developments, such as PSD3, aim to enhance security and user experience, further promoting innovation and trust in open banking services. Read the full article here: https://lnkd.in/drcU4gmb Given the advancements and potential challenges in open banking, how do you think financial institutions can best balance this while maintaining customer trust and engagement? #openbankingapi #fintech #fintechcanada #fintechnews #securitycompliance