Open Banking Blog

Company Updates, Interviews, Ecosystem Breakdowns & Technology Articles

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Challengers: Chad Fox, Fox Ventures

Chad Fox is one of MENA region's leading venture capital advisors, having advised on transactions in excess of 100m in total volume in the UAE alone. He has been investing personally and through his syndicate into high growth FinTech or specialty finance companies for the past four years.

How BNPL is Changing the Payment Market

Buy now, pay later is a financing arrangement that allows consumers to make purchases without paying for them all at once. Several companies, including Klarna and Affirm, offer buy now and pay later financing on purchases made from participating merchants. Also, Paypal has introduced its point of sale installment loan program.

Open Banking in Switzerland

We have a lot to share is this blog as part of our passion to continue providing you with industry-leading information on the global Open Banking segment. This update will have the weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.) and a look at how Open Banking is making waves in Switzerland.

5 Wealth Management Startups You Better Keep An Eye On

We have a lot to share is this blog as part of our passion to continue providing you with industry-leading information on the global Open Banking segment. This update will have the weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.) and a look at the 5 wealth management startups you better keep an eye on.

5 Reasons Why Apple May Be Your Next Bank

A look at the five reasons why Apple may be interested in becoming a financial service provider and why it would be extremely successful in doing so.

August 30: Weekly Newsletter

We have a lot to share is this blog as part of our passion to continue providing you with industry-leading information on the global Open Banking segment. This update will have the weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.) and 5 reasons why Apple could be your bank in the future. 

5 API Aggregators You’ll Want To Make Sure You Know Abo...

A look at the five emerging markets API aggregators you must absolutely know about! Gain insight on these five aggregators and understand how they work, where they are based, what valuation they currently have and much more.

Open Banking Powered Home Loans w/ Nano

Nano, the future of home loans, a look at how Open Banking is making possible to have cheap loans available in less than 10 minutes.

September 20: Weekly Newsletter

First of all, we want to thank you all for allowing us to reach 1000 followers on our Linkedin page!  On top of this, we're back with a slate of content hotter than ever!! We have a lot to share this week and hope you're ready for all of our announcements!

Challengers: Will Billingsley, ApTap

Will Billingsley is a young founder who's looking to disrupt the bill management space with Aptap. They're building bill management tools that let customers cancel, compare, switch or sign up to services with just a few taps.

Jul 26, 2021: Open Banking in Russia!

REgulator approves first open banking fintech in Russia

Jul 12, 2021: Financial Advice w/ Multiply

Coaching the user into financially wise spending habits to get the user into their dream homes faster.

Jul 5, 2021: Open Banking App Store Update

We've had the great pleasure to be inundated with requests from app developers to be listed and we're excited to continue building out this app store!

App Store Launch - 120+ Open Banking Powered Apps

The Open Banking Tracker is launching openbankingusecases.com, an app store covering the various apps and use cases made possible by open banking.

Jun 21, 2021: Saving Cents w/ Peaks

It is truly a ‘set and forget’ type of investment where the user doesn’t have to make decisions about budgeting and portfolio allocation, making investing a more inclusive practice.

Jun 14, 2021: Carbon Tracking w/ Enfuce

This tool can also educate users about which activities are particularly carbon-intensive and help consumers make carbon-wise purchasing decisions.

Jun 7, 2021: Int. Tuition Payments w/ PayMyTuition

Open Banking payments happen at the account level, the student’s ID is correctly identified by the university receiving the money through their banking service provider when the payment request gets generated.

May 31, 2021: Open Banking KYC w/ Plaid

The solution must be to simplify the KYC process to reduce the number of abandoned account openings, and companies like Plaid are using Open Banking to do just that.

May 24, 2021: Cutting Bills w/ Snoop

Then the AI can match individual payments with deals available in the user’s area, so the user can be aware of most of the money-saving opportunities available to them.

May 10, 2021: Sustainable Statements w/ Kivra

If you provide them a way to live a more sustainable life that also simplifies their life, then the switch is much easier to make.

Apr 26, 2021: Auto Finance w/ Blue Motor Finance

Implementing Open Banking into auto lending decisions creates value at every step in the vehicle purchasing process.

Apr 19, 2021: Invoice Factoring w/ MarketFinance

The invoice factoring practice has been in existence for millennia, and an integral part of helping businesses unlock the liquidity held in their accounts receivable.

Apr 12, 2021: Improving Employee Experience w/ Perkbox

Companies that are among the heaviest investors in EX are over four times as likely to be included in the top employers' lists on Glassdoor or LinkedIn.

Apr 5, 2021: Open Banking Gambling Protection w/ Monzo

The new payments paradigm bypasses the established payments networks and the associated codes that identify the recipient as a gambling venue.

Challengers: Craig J. Lewis, GigWage

Besides the inconvenience factor of not having an adequate payroll system for the 65-75 million people employed by the gig economy, many of these workers who typically are living off of each paycheck...

Mar 29, 2021: Open Banking Commercial Credit w/ Kabbage

Open Banking liberates account data, giving ownership over it to the account owner, and paves the way for an overhaul in how SMEs apply for and access new credit to grow their business.

Mar 22, 2021: Open Banking Mortgages w/ Mojo Mortgages

By integrating Open Banking data into the mortgage application, the lender can get a much clearer picture of what is truly affordable for the borrower.

Challengers: Vedanarayanan Vedantham, Razorpay

There is still a lot of grey around topics like Neo Banking which is better understood and regulated in the developed market.

Mar 15, 2021: Open Banking Customer Loyalty w/ Goloyal

Open Banking is a logical step in this data collection process because it adds another dimension of insight into customer shopping patterns.

Challengers: Dmitrii Barbasura, Salt Edge

At the end of the day, the one question that truly counts is why do we need Open Banking? We need it to solve end-users' problems. Not banks’ problems. Not financial institutions’ problems. End-users’ problems.

Mar 08, 2021: Open Banking Accounting w/ Freshbooks

What makes Open Finance such a fantastic industry is because it brings simplification to the most tedious tasks.

Challengers: João Bezerra Leite

Large banks should be “the Financial API Marketplace”. It’s impossible to compete. They must join the fintech world.

Mar 01, 2021: Open Banking & Personal Financial Managem...

We were all told that a budget is crucial to our financial well-being, but in practice, very few of us spend time developing one because it is time-consuming and just not that exciting.

Challengers: Caren Schwannauer, Mason Alexander

This week we had the chance to get some insight into the staffing challenges that FinTechs are facing as they scale from Caren Schwannauer of Mason Alexander FinTech.

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.

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 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.

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.

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.

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.

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 7, 2020: What are the business models for open bank...

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.

Nov 30, 2020: Open Banking Credit Checks w/ Freedom Fin...

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.

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 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.

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.