FF News | Fintech Finance’s Post

“Open banking unlocks a future where financial empowerment is for all New Zealanders. Knowing facts about your money should be as simple as knowing the time, and the CDR will enable the innovation to make this a reality.” Last week, Open Finance ANZ launched the first edition of their Aotearoa New Zealand Open Banking Ecosystem Map and our very own Jason Leong contributed insight as a veteran player in the space on all the ways people in New Zealand can securely share their financial data. The report highlights what’s happening now and how things are shifting towards using standardised systems as new rules come into play. It shows that open banking in New Zealand is evolving at its own pace, prioritising innovation, collaboration, and consumer empowerment - it is a system that reflects Kiwi values while looking ahead to align with global trends. It’s an encouraging report, and one of many fantastic outcomes from the continual cross-industry collaborative efforts. Thanks for all of your work on this Open Finance ANZ, Mastercard Open Banking, Payments NZ, FinTechNZ, FinTech Australia, Jennifer Harrison, Brenton Charnley, Josh Daniell and everyone else who had a hand in putting this together! You can read the report here ⬇️ #openbanking https://lnkd.in/gudyds5D

News: the UK just completed its Open Banking Roadmap — and it’s a blueprint for the world’s financial future. 🚨 🔹 At a glance: This week, the Competition and Markets Authority has confirmed that all nine mandated UK banks are fully compliant with Open Banking standards. This major milestone includes the rollout of Variable Recurring Payments (VRPs) for sweeping, enabling fintechs like Revolut, Monzo Bank, and Starling Bank to offer smarter, automated payment solutions. 🔹 Why it matters: Fintech innovation is accelerating in the UK, with real results for consumers and small business - and it's because the UK didn't protect incumbents: the roadmap opens new opportunities for fintechs to collaborate with traditional banks. 🔹 The proof is in the results: With 11.32 million users and £4 billion generated through Open Banking, the UK is setting a new standard for API-driven financial infrastructure. First broached by the UK in 2016, more than 80 countries are now pursuing #OpenBanking, proving that nations can integrate fintechs, banks, and regulators for lasting financial inclusion. And build a new economic sector along the way. ~~~~~~ Full credit to Bill Roberts for early leadership on this now-global topic, and the quality of governance established by Open Banking and Henk Van Hulle. Lots here for aspiring leaders like Open Finance Network Canada (OFNC), NZ Open Banking and many others. And as Adam B. told me this week, many more banks in the UK beyond the 9 are now active participants and driving fintech forward. Follow me for daily posts on how new infrastructure powers new growth.

Open Banking's announcement that the number of UK consumers and small businesses using open banking technology has hit 10 million is a huge milestone worth celebrating 👏 The benefits of open banking are wide and significant. From facilitating access to cost-effective credit and supporting building regular savings habits for consumers, to enabling improved customer experience and sustainable service models for traditionally underserved markets for banks and lenders. We are just 6.5 years on from the pioneering rollout of open banking in the UK, with adoption continuing to accelerate. The growth of open banking and ongoing work of policymakers, regulators and innovators toward a data-driven economy will only see further benefits unlocked for all stakeholders. Exciting times! #openbanking #openfinance #industry #Fintech #regulators #policy #consumers #SMEs #credit #AI Open Banking Excellence (OBE) Centre for Finance, Innovation and Technology (CFIT) Innovate Finance https://lnkd.in/e8f65uqV

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

🟧🟩🟦 Open Banking: Fueling the Future of UK Public Services 🚀 Open banking is gaining serious momentum in the UK public sector! 🏦 🟠CCS DPS: The Crown Commercial Service launched a Dynamic Purchasing System (DPS) to boost open banking adoption. 🟢Industry Optimism: Fintech leaders like Innovate Finance and TrueLayer are bullish about the DPS accelerating public sector use. 🔵Benefits Galore: Open banking can cut costs, reduce fraud, and improve user experiences for citizens. 🟠Data Power: The upcoming DISD Bill could unlock even more potential for innovative public services. 🟢HMRC Success: HMRC's use of open banking has paved the way for other government departments. 🔵10 Million Users: Over 10 million people are already benefiting from open banking in the UK! 🤯 Let's make open banking the cornerstone of efficient and accessible public services. #OpenBanking #Fintech #UKTech #DigitalGovernment #PublicSector #RokaSearch

UK fintech sector keen for ‘momentum’ on public sector open banking use. Fintech sector representatives have said they are hoping to see momentum in the UK public sector’s use of open banking, just over six months after the government’s procurement agency launched a ‘dynamic purchasing system’ to encourage it. The Crown Commercial Service (CCS) – an executive agency of the Cabinet Office – set up the ‘Open Banking Dynamic Purchasing System (DPS)’ as 2024 dawned with the ultimate aim of ‘reducing the costs of receiving money into public sector organisations, as well as reducing fraud’. Twenty companies – all looking to supply open banking-related services to the UK public sector – have appeared (one by one) since then on a UK open banking ‘appointed suppliers’ webpage. Lenvi #openbanking #fintech #lending #lendingplatforms #consumerlending https://lnkd.in/egK7NPGn

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

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

Interesting article on the progress of Open Banking in the UK, and how they can learn from how Australia and other regions are starting to unlock the potential to create value for consumers. Along with our fellow finalists in the Excellence in Open Data category in the Fintech awards, and lots of other great startups, we are leveraging CDR and open banking every day to create value for our brokers and their customers. #banking #openbanking #finance #cdr