Open Banking Nigeria’s Post

For five consecutive years Nordea Open Banking API Market has been ranked number one in the world when it comes to “developer experience” in the Open Banking Monitor by Innopay. This means that we offer the best information and tools for customers, partners and third parties, enabling them to start using our API products quickly and easily. We are also scored high, highest among the Nordic banks, on the number of different API products. See the full report: https://lnkd.in/eNXPtZCt “We are far ahead our Nordic peers when it comes to Open Banking and recently passed 100,000,000 API calls made in one month, which is a fantastic number,“ says Sanela Dulic, Head of Open Banking at Nordea. The Open Banking Monitor is an evaluation of Open Banking platforms provided by banks across the globe, conducted by the Dutch consultancy company Innopay. Read more about Open Banking API Market: https://lnkd.in/em98mimz #OpenBanking #Nordea

In this post we will learn about Open Banking Acronyms A Guide to Open Banking Acronyms Open Banking is now mainstream and showing no sign of stopping. The UK's Open Banking regime crossed its 5th anniversary on 13th January 2023. With more than 6.5 million active users, the UK has set the world's template for Open Banking, Open Finance, and broader, secure customer-consented Open Data sharing. As the GCC, Jordan, and Canada embrace Open Banking, banks have little time to implement the essential technology to publish Open Banking APIs in a secure format. Open Banking introduces a plethora of acronyms unfamiliar to most bank CxOs. We felt it an appropriate time to update this essential acronyms self-help guide which we originally released in 2018 for Open Banking in the UK. 👉 Subscribe for more insights https://lnkd.in/d94JgWBU Source Fiorano #fintech #openbanking #technology Brice Ali Alex Grant Nafis Monica Lex Theodora Saleh

🚀 The MENA region is experiencing a financial revolution with the rise of Banking-as-a-Service (BaaS) and Open Banking! Leading companies like BKN301 and Tarabut are paving the way for seamless integration of financial services, while countries like Saudi Arabia and the UAE are driving Open Banking adoption. 🌟 🔗 Click the link below to read the full blog and discover how BaaS and Open Banking are shaping the future of finance in the MENA region: https://lnkd.in/dptTTvHZ

Open Banking Announces Open Banking Standard v4.0 Open Banking Limited (OBL) has released the Open Banking Standard version 4.0, marking the first major update since 2018. Key mandatory updates include enhanced security features and alignment with ISO 20022 international messaging standards. Optional updates aim to improve payment status and error messaging information flows. Marion King, OBL Trustee, highlights the collaborative development of this release, which supports 9.79 million users and contributes over £4 billion to the UK economy. Fiona Hamilton, Standards Director, emphasises the importance of the updates for user experience, and the Department for Business and Trade values open banking and smart data schemes at around £28 billion. Key updates include: - FAPI uplift and ISO 20022 alignment. - Improved information flows for payment statuses and error messages. - Centralised codeset repository. - Revisions to read/write specifications, Customer Experience Guidelines, and Operational Guidelines. The updates were supported by an Expert Advisory Group and a 4.5-week consultation period. You can read the full post by OBL via the link in the comments section below. #OpenBanking #Regulation #Fintech

Open banking payments network TrueLayer has been authorised as the first participant in the SEPA Payment Account Access Scheme (SPAA). Led by the European Payments Council (EPC), the SPAA initiative is designed to advance the open banking ecosystem beyond the EU’s payments services directive (PSD2). The initiative introduces new features to support growth in the European open banking system, allowing European banks to develop premium open banking APIs and be remunerated for access to these.

Alexander Rigby and I laud the momentum efforts to promote interoperability are gaining, but we worry that without structural changes to existing concentrated markets, the existing dominant players may benefit more from openness than new market entrants or consumers. Check out our The Lawfare Institute white paper on the subject.

We often talk about what open banking is—and if you’re following us, you probably have this concept committed to heart! But in our latest blog post, we decided to flip the script and highlight everything open banking is not. From unregulated APIs to private bank-fintech partnerships, there are plenty of misconceptions that even you may be guilty of. Curious to know more? Check out our latest blog post where we break down the top three things often mistaken for #openbanking: https://lnkd.in/dAE9525N  #openbanking #financialservices #CBN #Nigeria

Are you ready to explore the evolving landscape of Open Banking? Our latest white paper with Appsynth offers an in-depth analysis of Southeast Asia’s dynamic ecosystem. Essential for anyone in the financial sector, it covers improving customer experiences and leveraging innovative financial products. Here’s a sneak peek: — The Open Banking Landscape across Southeast Asia — Opportunities in Embedded Finance and Open Source Technology — Ensuring Security & Privacy with Self-Sovereign Banking Download the white paper today! 📚 https://lnkd.in/g-p7R2Ss #openbanking #fintech #banking

Access Bank Unveils Offline Banking Platform 901 Connect, to Enhance Users’ Transaction Experience Nigerian multinational commercial bank, Access Bank Plc has launched an offline banking platform 901 connect, to provide customers with an additional digital channel to manage and carry out uninterrupted daily transactions. The bank aims to redefine convenience and security for users, as well as ensure uninterrupted access to financial services even in the absence of internet connectivity. Read more👇 #accessbank #bankinginNigeria #offlineplatform Victor Etuokwu, MON NJIDEKA ESOMEJU Oluremi Tinuolu-Gabriel FCIB Thomas Tanyi