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Open Banking Impact Report is out, and it's packed with insightful data about the adoption, experience, and outcomes driven by open banking in the UK. 🚀 Here are some highlights: 👩💻 By January 2024, 1 in 7 digitally active consumers and 1 in 5 small businesses in the UK were using open banking. 📊 In August 2023, open banking payments overtook data for the first time. The expansion of payments is a clear trend, with a notable uptick in data penetration. 📈 The number of open banking payments recorded by OBL reached a record high of 14.5m in January 2024, representing 69% year-on-year growth. 🏬 Small business penetration continues to climb, outpacing consumer adoption, though the gap is narrowing. 📈 Let's keep driving innovation and embracing the power of open banking! Read the full report for more insights here: https://lnkd.in/gsxCXqid #OpenBanking #Fintech #Innovation #Finance

New Zealand's banking sector is beginning to integrate open banking into their systems, with Westpac New Zealand announcing its first integrations with BlinkPay, Qippay, and Volley. While many are excited about the possibilities that this data-sharing framework could offer, some are concerned that without proper legislation, open banking may not achieve its full potential. Jonathon Dale, head of payments at Bank of New Zealand which had already started its open banking journey, explains what needs to happen next. "Having the technical infrastructure in place is crucial, but it's not enough to truly unleash the potential of open banking," said Dale. https://lnkd.in/gbrK9UjM #OpenBanking #ConsumerDataRights #BankingInnovation #FinancialTechnology #DataPrivacy #NZBanking #NZAdviser #advisernews

Open Banking scales new heights in the UK. "More than 10 million UK consumers and small businesses are now regularly benefiting from using open banking technology." This marks a significant shift towards a more secure, convenient, and competitive financial landscape.   With open banking, small businesses can benefit from:   💸 Streamlined payments: Faster and more secure payment processing. 1️⃣ Reduced transaction fees: Lower costs for payment processing. 📈 Increased conversions: Fewer cart abandonment's due to easier checkout. 💰 Improved cash flow: Faster settlements. 🤩 Enhanced customer experience: A quick and easy checkout process.   Wonderful is proud to be part of this movement towards a more open and inclusive financial future. Our payment processing solutions for online stores, POS transactions and accountancy software are powered by Open Banking and deliver Instant bank payments at only 1p per transaction. https://lnkd.in/gDxWN8yw #OpenBanking #Payments #FinancialInclusion #Innovation

Account-to-account (A2A) payments, also known as pay-by-bank, are the underpinnings of the open banking model. While sending payments directly from one bank account to another is ubiquitous elsewhere, Americans have been hesitant to adopt the practice. In the new report, Room for One More? Global Real-Time Pay-by-Bank Lessons for the U.S., Javelin Strategy & Research's Director of Debit Payments Elisa Tavilla explores why pay-by-bank has been so well-received abroad, the obstacles to U.S. adoption, and the future of the real-time payments landscape. Read more: https://lnkd.in/euGNGuCU #payments #A2A #paybybank #openbanking #RTP

Mastercard and Nexi Group team up to advance open banking payments across Europe. Nexi, the leading PayTech in Europe, has chosen Mastercard as its strategic partner across Europe to support open banking account-based payments. Through this partnership, Mastercard Open Banking will facilitate e-commerce payments across Nexi’s gateways serving merchants across Europe. Together, Mastercard and Nexi will build an integrated digital payment ecosystem by advancing Mastercard Open Banking-powered solutions that offer secure, seamless payment experiences with more choice for consumers when shopping online.  Unlike more traditional payment options, open banking allows anyone with a bank account to initiate swift digital payments to a merchant’s account. Payments are initiated directly through existing authentication protocols with a consumer’s bank, including biometrics, to retrieve the necessary information to execute a payment, making the experience easy and efficient. Source: https://lnkd.in/ePhV8vwV Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #partnership #banking #bankingtechnology #payments #digitalpayments #financialtechnology #financialservices #financialsolutions

🎉 We're thrilled to announce a game-changing addition to the LendAPI marketplace: Mastercard Open Banking! 🚀 Thanks to Jordan Shelton for making this happen in a short period of time. We like your speed! Here's more: Mastercard, a global technology leader in the payments industry, is on a mission to foster an inclusive, digital economy that benefits everyone, everywhere. With their dedication to making transactions secure, simple, smart, and accessible, Mastercard is now taking this mission even further with the introduction of Open Banking. Open banking isn't just about data – it's about empowerment. By putting consumers and businesses at the heart of how their financial data is used, Mastercard Open Banking is revolutionizing the lending experience. From expanding payment choices to streamlining account opening processes, Mastercard is reducing friction and empowering users like never before. With strategic acquisitions of open banking innovators like Finicity in the U.S. and Aiia in Europe, Mastercard has solidified its position as a global open banking partner built upon trusted, reliable platforms. This means quality experiences for financial service providers and consumers alike. At LendAPI, we're excited to join forces with Mastercard Open Banking to deliver innovative solutions that meet the needs of our customers and consumers worldwide. Together, we're scaling confidently while adhering to local regulations, ensuring simplicity, safety, and security every step of the way. Join us in welcoming Mastercard Open Banking to the LendAPI family, as we continue to shape the future of lending with unparalleled innovation and commitment. 💼💳 #MastercardOpenBanking #LendAPI #FinancialInnovation https://lnkd.in/gktkPYQm

Trustly Announces Robust 2023 Growth: H2 Surge in Open Banking Demand and Innovations Drive Record Financial Performance Johan Tjärnberg, Group CEO of Trustly, states: “We’re committed to redefining the way people pay – and we’re thrilled that our annual report clearly demonstrates our progress. Millions of people all over the world are now transacting with us, and our robust transaction numbers reinforce our leadership in pioneering open banking across Europe and the US. Change is on the horizon, and Trustly is at the forefront, ready to lead the charge.” https://lnkd.in/gxaAyudu #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

💥 The open banking ecosystem now serves over 11 million users, driving £4 billion in value 💥 The UK's Competition and Markets Authority (CMA) has completed the final #OpenBanking Roadmap, marking a significant step toward the #OpenFinance era. The Roadmap’s completion, involving nine major banks, enables new payment innovations, including Variable Recurring Payments (VRPs) for services like sweeping. This achievement is aligned with the expected introduction of the Digital Information and Smart Data Bill, which will extend open banking principles to sectors such as #energy and #telecoms.

In 2019, 30% of German banking executives weren’t a big fan of Open Banking. 🤔 By June 2022, German bankers push for even bigger changes to make banking fit better with what customers need.  🚀 Today, the European Parliament has officially approved instant payments. 💳⏱️ The new regulation means that Europe is only catching up with many of its economic competitors, like Brazil, Australia and the UK, where Volt.io is already live & growing fast. So, why choose open banking for your business now? 1. You will work with innovative products 2. As your business grows, so will your products 3. Your products simplify the lives of your users Seeing all the great start/scale ups rising with new ideas for their consumers, I see same for open banking. Why? It benefits the consumers by improving their control over their financial data, providing new financial products, and streamlining payment processes. 🙏 Whereas, businesses benefit from all the perks like faster settlements, fraud prevention, real-time reconciliation, a great UI and much much more. 🌟 As our CEO, Tom Greenwood used to say in his interview with Forbes: “It’s really just about using the technology of the 2020s rather than the 1950s”. 👌 So, without sounding too salesy, if you're looking to join the drive of payment innovation or are just keen to see if it could benefit your business, I am an open book - lets chat! 🤝 Happy Friday everyone! 💙 #openbanking #realtimepayments #germany #wealthtech #voltology