PYMNTS-MonitorEdge-May-2024

Open Banking

Open banking is a financial services term as part of financial technology that refers to: The use of open APIs that enable third-party developers to build applications and services around the financial institution. Greater financial transparency options for account holders ranging from open data to private data.

Treasury Prime’s Bank-Direct Approach Points to Regulators’ Chilling Effect on FinTech
Treasury Prime’s Bank-Direct Approach Points to Regulators’ Chilling Effect on FinTech
March 03, 2024  |  Partnerships

The digitization of financial services — and the rise of open banking — has given rise to a shifting landscape of partnerships. And the pursuit...

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FIs Reckon With Rising Fraud Rates in Run-Up to Real-Time Payments
FIs Reckon With Rising Fraud Rates in Run-Up to Real-Time Payments
March 01, 2024  |  Security & Fraud

Financial institutions are beset on all sides. The PYMNTS Intelligence report “New Data: FIs Cooling on Open Banking but Still on Course for Real-Time Payments”...

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Mastercard to Launch New Open Banking-Powered Digital Account Opening Experience
Mastercard to Launch New Open Banking-Powered Digital Account Opening Experience
February 28, 2024  |  Digital Banking

Mastercard is preparing to launch a new digital account opening experience for select U.S. debit and prepaid products. The program will use open banking solutions...

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Dwolla Adds Open Banking to Account-to-Account Payment Solution
Dwolla Adds Open Banking to Account-to-Account Payment Solution
February 27, 2024  |  Payments Innovation

Account-to-account (A2A) payment solution Dwolla now offers open banking services. The new integration, announced Tuesday (Feb. 27), adds services like instant account verification, balance checks...

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Nearly Half of Financial Institutions Believe Open Banking Risks Outweigh Rewards
Nearly Half of Financial Institutions Believe Open Banking Risks Outweigh Rewards
February 27, 2024  |  Security & Fraud

Nearly half of financial institution executives are concerned that open banking may not be a positive value proposition — especially in an environment of increasing...

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New Data: FIs Cooling on Open Banking but Still on Course for Real-Time Payments
New Data: FIs Cooling on Open Banking but Still on Course for Real-Time Payments
February 26, 2024  |  Fraud Prevention

Open banking is transforming the banking industry. It grants third-party FinTechs access to the financial data and funds traditional financial institutions (FIs) manage. Doing so...

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Zūm Rails Raises $7 Million to Expand Open Banking Offering
Zūm Rails Raises $7 Million to Expand Open Banking Offering
February 22, 2024  |  Investments

Zūm Rails has raised $7.7 million to expand its open banking/instant payments solution. The Montreal-based company announced the $7.7 million ($10.5 million CAD) Series A funding round Thursday...

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OpenPayd, TrueLayer Offer Instant Account-to-Account Payments
OpenPayd, TrueLayer Offer Instant Account-to-Account Payments
February 20, 2024  |  Real-Time Payments

OpenPayd has partnered with TrueLayer to enhance the instant payment solutions it offers its clients. By leveraging TrueLayer’s open banking payment network throughout the United Kingdom and Europe,...

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FIS and Banked Team to Widen Pay-by-Bank Usage
FIS and Banked Team to Widen Pay-by-Bank Usage
February 14, 2024  |  Payment Methods

Financial technology firm FIS has formed a partnership with opening banking provider Banked. The collaboration is aimed at driving new pay-by-bank offerings for consumers and businesses, according to a Wednesday...

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