Fintech Forward Newsletter - Issue 4
11 September 2024
With the UK’s CMA confirming the full completion of the final roadmap for open banking in the UK, this week’s newsletter highlights the transformative impact of open finance on both customers and financial institutions emphasizing the potential for innovation and enhanced customer experiences.
In the UK, the last of the CMA9 banks have now delivered against requirements, paving the way for an ecosystem enriched by advanced account information and payment offerings, including variable recurring payments (VRPs).
In the US, the CFPB’s upcoming Section 1033 regulations promise to usher in a new era of open banking, shifting from market-driven initiatives to a more regulated framework. This change aims to strengthen consumer data rights and create new opportunities for financial institutions, making open banking more secure and customer focused.
As we look to the future, how will these developments shape the financial landscape?
The future is now: open finance is here to stay
As open banking marks its sixth anniversary in the UK this year, Finastra’s CEO, Simon Paris, explores the current landscape of open finance, its effects on customers and financial institutions, and what lies ahead for organizations embracing an open approach.
Celent: Section 1033 and the future of open banking in the US
The CFPB's forthcoming Section 1033 regulations will initiate a new era for open banking in the US, moving from market-driven efforts to a regulated framework. This will enhance consumer data rights, offer new opportunities for financial institutions and make open banking more consistent, secure and customer focused.
CMA confirms completion of final roadmap for open banking
With the last of the CMA9 banks delivering their requirements for the future of open banking, an ecosystem enhanced by more advanced account information and payments offerings—including variable recurring payments (VRPs)—is drawing closer.
Tip
Automatic savings apps - a blessing in disguise?
Autosaving apps use tech to work out what a person can afford to save, then automatically moves money from a bank account to a virtual savings account allowing users to build up their savings without noticing the cash going.
Webinar
The future of open banking: payments meet data
This upcoming webinar from Bank Automation News looks at where open banking adoption stands today, the role data plays in the payments landscape and how to ensure institutions are providing compliant payment processing.
Blog post
The future of AI in financial services
Financial services businesses may be investing heavily while experimenting with AI, but the majority are still reluctant to make extensive, strategic investments, leaving more confident early adopters to shoulder innovation costs and risk. Even the current early adopters remain cautious about the regulatory and ethical complexities related to AI.
Report
B2B Financial Technology Buy-cycle
This report is a data-driven assessment of the unique challenges, attitudes and behaviors that define the buying mindset of senior bank decision-makers. Check out the full report comparing attitudes of senior bank decision-makers with their peers in other industries.