Open Banking

  • SWIFT Reveals New API Standard For Pre-Authorization Of Funds

    September 5, 2019 SWIFT, pre-authorization, API, banking, FinTechA new API standard for the pre-authorization of funds is being rolled out by SWIFT, clearing a path for a revolution in financial services enabled by open banking, the company ...
  • Deep Dive: How Open Banking Can Help Credit Unions Succeed

    August 29, 2019 piggy banks The market share of credit unions is only a fraction of their larger bank counterparts, but they tend to inspire a greater sense of loyalty among customers. Data from PYMNTS’ ...
  • How Open Banking Can Benefit Credit Unions

    August 28, 2019 credit unionWhile all financial institutions (FIs) operate on customer relationships, trust and loyalty can play a larger role for credit unions. According to PYMNTS’ Credit Union Innovation Index, 65 percent of ...
  • Report: Data Key To Credit Union Member Retention

    August 27, 2019 One of the largest factors that sets credit unions (CUs) apart from large banks and FinTech providers is their emphasis on member relations. According to PYMNTS’ Credit Union Innovation Index, ...
  • Bottomline Doubles Down On Data Intelligence For FY 2020

    August 9, 2019 Bottomline Doubles Down On Data IntelligenceCommercial payments firm Bottomline Technologies is doubling-down on data intelligence after posting an 11 percent year-on-year increase in subscription and transaction revenues for the fourth quarter of fiscal year 2019, ...
  • Taking On SMB Banking Friction Without Reinventing The Wheel

    August 7, 2019 Banking as a ServiceThe jury is still out on the future of opening banking in the U.S. Without a regulatory mandate, many in the financial services and FinTech space believe that competition will ...
  • Bottomline Launches Open Banking API

    August 7, 2019 Bottomline Launches Open Banking APIBusiness payments technology firm Bottomline Technologies has rolled out a suite of services for banks to elevate their customer engagement with corporate services. In a press release on Tuesday (Aug. 6), ...
  • Solving The Gig Economy’s T&E Puzzle

    August 1, 2019 Last month, new data on the U.K.’s gig economy surfaced from the University of Hertfordshire, concluding that the number of gig workers in Britain has more than doubled in the ...
  • Open Banking Takes On Bad Rap Of Merchant Cash Advance

    July 31, 2019 The merchant cash advance is considered the payday loan for many in the small business lending market — and that’s not necessarily a good thing. While designed to connect small ...
  • Brazil’s Nubank On The Universal Pain Points Of Small Business Banking

    July 30, 2019 nubank-Brazil-open-bankingThe U.K. may be the world’s hotbed for challenger banks, but it’s not the only market witnessing a surge in bank competition and industry evolution as a result of FinTech ...
  • Zeta Connects The Inflows And Outflows Of Corporate Payments

    July 29, 2019 B2B paymentsIn corporate payments, the term “silo” is synonymous with “headache.” The complexities of business transactions not only mean various financial functions, from accounts payable to payroll, are stuck in their ...
  • Why ING Is Taking A Platform Approach To PSD2 And Open Banking

    July 18, 2019 digital-banking-PSD2As the second Payment Services Directive (PSD2) brings more third parties into the European financial world, banks are seeing a shift in their relationships with customers. To withstand the shift, ...
  • After B2B Payments Embrace The Cloud: What’s Next?

    July 16, 2019 Banks-embrace-the-cloudWhen consumers use mobile apps like Uber or iTunes, the expectation that payments occur in a seamless, integrated way represents a broader paradigm shift in the payments world — one ...
  • How PSD2 Is Changing ING Bank’s API Strategy

    July 16, 2019 Banks and merchants are racing to meet the Strong Customer Authentication (SCA) deadline as September 2019 approaches. Banks are innovating their application programming interface (API)  platforms to allow for more third ...
  • Canada’s Path Toward B2B Payables Modernization

    July 10, 2019 Canada-moves-toward-payment-modernizationCanada is embracing the payments modernization journey, with organizations like Payments Canada driving adoption of faster, more agile payment functionality in the country. Some of the biggest industry trends, including ...
  • The Intersection Of FX Management And Open Banking

    July 9, 2019 Neo-api-opportunitiesCorporate cash inflows and outflows present ample opportunity for friction and disruption — and, as a result, ample opportunity for innovation. As evolutionary forces in the financial services space, like ...
  • The FinTech Friction (And Opportunity) In Global Trade

    July 5, 2019 Although business lending requires the aggregation of data from a multitude of sources, there is typically only one financial institution managing the process. Trade finance and the facilitation of trade ...
  • What SCA Means For Europe And Beyond

    June 26, 2019 SCA on smartphoneWith the Strong Customer Authentication (SCA) deadline looming in September, the mandate by the European Banking Authority requiring “strong customer authentication” for all electronic payments over €10 is causing banks ...
  • How Banks Can Compete With FinTechs Under PSD2

    June 25, 2019 With Open Banking expanding across the EU, legacy FIs are increasingly at risk of losing customers to FinTech firms that now have access to previously siloed customer data. In the ...
  • How ACH Business Payments Pave The Way For US Open Banking

    June 24, 2019 In B2B payments, corporates’ continued use of paper checks confounds FinTech firms working to give businesses more affordable, faster and more efficient payment options. Yet, for many business payers, the ...
  • In The PSD2 Age, Banks Must Think Like FinTech Firms

    June 24, 2019 With the Strong Customer Authentication (SCA) compliance deadline less than four months away, banks are still underprepared. While banks continue to open their application programming interfaces (APIs) to third-party providers and ...
  • Trade Ledger Launches Invoice Finance-as-a-Service

    June 20, 2019 Open Banking platform Trade Ledger is introducing an invoice financing solution for banks and alternative lenders, the company announced this week. A press release on Wednesday (June 19) noted that Trade ...
  • How To Build High Performance Via Digital — and Humans

    June 18, 2019 digital platformsFraud is a two-headed beast, but the beast can be defeated as more consumers flock to marketplaces and other eCommerce destinations. Meanwhile, there are fresh ideas about how to scale ...
  • Open Banking Co Token Receives $36.5M Investment

    June 18, 2019 Open Banking Co Token Receives $16.5M Investment Led By Opera Tech VenturesTurnkey open banking platform Token has received a $36.5 million investment from a few investors, including Opera Tech Ventures, which is the venture division of bank BNP Paribas. Other investors ...
  • Citi: Scaling Open Banking Starts With Incentives And API Aggregation

    June 17, 2019 citi-Open-Banking-api-incentivesOpen banking is nothing if not a lot of moving parts and complications. But could merchant incentives help fuel this ongoing effort at digital payments innovation? That was one of the ...
  • Corporates’ Role In Helping Banks Tackle The Trade Finance Gap

    June 14, 2019 global digital paymentsThere are a lot of factors that have converged to create a whopping $1.5 trillion in trade finance availability in the global economy today. Banks’ risk appetite has lowered, while regulations, ...
  • How Overlay Services Add New Opportunities In Open Banking

    June 12, 2019 One year after the rollout of Open Banking in the U.K., researchers have found that a general understanding and awareness of the regulation remains low. Citing a Splendid Unlimited survey, ...
  • How Banks Balance New SMB Tech (Without Nixing The Old)

    June 11, 2019 The U.S. banking industry is an ever-evolving machine, shaped and disrupted by FinTech, regulation and shifting customer expectations. Until recently, these changes rarely impacted the small business (SMB) financial services ...
  • Token CEO: Why Open Banking Is Really ‘Closed Banking’

    June 10, 2019 Open Banking is brand new, but maybe not. Token.io Limited CEO Steve Kirsch tells Karen Webster that there are limitations with PSD2 amid a lack of API standardization. There’s precedent in the ...
  • Visa-Western Union Deal And Alexa’s Roommate Potential Top The Week’s News

    June 7, 2019 Yes, the weekend has arrived! We don’t know about you, but it was a busy week for PYMNTS, given all the news coming from the worlds of payments and commerce. ...
  • How New Entrepreneurs Usher Open Banking Into SMB FinServ

    June 6, 2019 Bank branch closures have some analysts, and even the banks themselves, on high alert. Researchers found a 2.2 percent drop in the number of U.S. bank branches in 2017, and ...
  • Ordo, CGI Collaborate To Combat Invoice Payments Fraud

    June 6, 2019 Ordo, CGI To Combat Invoice Payment FraudBusiness consultancy CGI has announced a collaboration with invoice payments FinTech Ordo to develop a service that combats fraud for both payers and payees. In a press release on Wednesday (June ...
  •  Breaking SCA’s ‘Chain Of Doubt’

    June 6, 2019 online dataPSD2 looms, and merchants are unprepared for strong customer authentication mandates. As a result, European merchants face a cascade of transaction declines. Spencer McLain, VP, EMEA at Whitepages Pro, tells PYMNTS how ...
  • The Key To Open Banking? More Bank Participation

    June 6, 2019 citi-Open-Banking-api-incentivesIt’s not just technology that moves the world. Culture plays a huge role — as well as the sparks that often come from the tension when cultures clash. That promises ...
  • Tencent Leads Funding For Open Banking Startup TrueLayer

    June 5, 2019 TencentChinese tech conglomerate Tencent has led a funding round in U.K. open banking startup TrueLayer. Reports in Bloomberg Tuesday (June 4) said Tencent and Singapore-based Temasek are providing $35 million in ...
  • Mastercard Launches Open Banking Platform To Further API Standards

    June 4, 2019 Lead, follow or get out of the way — that seems to apply to the rise of Open Banking, which promises more financial services innovation, along with greater financial transparency and ...
  • Plaid Launches Direct Funds Transfer Ecosystem

    May 22, 2019 online bankingA new service launched Wednesday (May 22) called Plaid Direct enables “two-way connectivity across the financial ecosystem and makes it easier for consumers to move money between their accounts — whether ...
  • Young Canadians Want Simple, Convenient Payments

    May 13, 2019 Young Canadians Want Simple, Convenient PaymentsA new study by Payments Canada shows that while Canadians are slowly moving away from cash, they still want options, especially the younger generation. People in Canada between the ages of ...
  • API’s Rise In Open Banking And Cross-Border B2B Payments

    May 7, 2019 global payments Changing regulations are redefining the obligations of financial institutions, forcing them to rethink their strategies and implement new technological approaches. New legislation, such as PSD2, is raising the bar for FIs by allowing ...
  • How APIs Safeguard Bank-FinTech Collaboration

    May 6, 2019 Financial institutions (FIs) that don’t offer application program interfaces (APIs) are courting trouble. When FIs don’t enable secure data access via APIs, FinTech firms use riskier measures, like screen scraping, ...

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