Weekly Update November 8th, 2020
On top of tracking financial institutions providing open banking services, the OpenBankingTracker has also begun tracking TPPs and will look to broaden its coverage over time.
Nov 16, 2020: Open Banking Lending w/ OakBrook Finance
When open banking comes into play, lenders can use live financial transaction data gathered from someone’s bank account with their permission and enable brokers/lenders to speedily assess risk and affordability, thereby allowing them to issue loans responsibly.
Nov 23, 2020: Open Banking Enabled Payments
PIS essentially allows users to pay directly from their bank account — meaning TPPs can process payments to anyone with an approved bank account. Instead of complicating the customer conversion process with account creation and asking for bank details, PIS offers seamless integration with a network of regulated banks.
Nov 30, 2020: Open Banking Credit Checks w/ Freedom Finance
Credit scores are a way lenders price risk to borrowers. The issue is, historically the risk is tied to your credit cards and utility bills, which typically impact the most vulnerable of society more than any other segment.
Dec 7, 2020: What are the business models for open banking?
Globally, open banking regulations have been introduced to widen competition and create new consumer choice. Other goals were also in place: Europe wanted to create a level of interoperability for European citizens that makes it easier for them to manage their banking across EU country borders.
Dec 14, 2020: What are the use cases for open banking?
For open banking to expand, understanding the potential use cases and being able to build viable products that leverage new use cases will be at the core of any momentum.
Dec 21, 2020: Open Banking Wealth Management w/ Plaid
As these apps become more prevalent and offer an ever-expanding suite of services, the wealth management industry can make account information available through APIs, which means that users could access their checking, savings, mortgage, and investment accounts from a single application.
Jan 18, 2021: Open Banking for Sustainability?
One may argue that the advances in sustainable finance are due, in no small part, to the same technological advances that drive open banking – more openly available data and more demand for inclusion.
Jan 25, 2021: Open Banking BNPL w/ Zilch
And as the number of cash-strapped people accessing BNPL services has skyrocketed throughout the pandemic, it’s essential not to allow users to get overleveraged with such schemes.
Feb 01, 2021: Open Banking Debt Collection w/ Lowell
While some financial institutions' functions may get through the pandemic and return to something approaching normal, this cannot happen in debt collection, and the mortgage sector, in particular, will face some long-term challenges.
Feb 15, 2021: Tax Collection w/ Ecospend
Currently, taxpayers must open their banking software and manually set up a bank transfer payment, opening the possibility that an incorrect reference gets used for payment. Under the new system, payments will be sent directly from a payer’s bank account, using validated HMRC details to address fat finger errors.
Feb 22, 2021: Open Banking Security
The Cloudentity Authorization Control Plane is a hybrid-cloud API Dynamic Authorization Solution that delivers policy automation and governance for Zero Trust exchanges between applications, users, services, and data. This facilitates secure and confidential data exchange for high-value transactions.