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.

Strong Authentication Fosters Trust Among Open Banking Users
Strong Authentication Fosters Trust Among Open Banking Users
March 07, 2024  |  Fraud Prevention

The payments journey, and landscape, is an ever evolving one, but one thing is certain: fraudsters will try to exploit any vulnerability they can to...

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Consumers Like Open Banking Features, Now Banks and FinTechs Need to Deliver
Consumers Like Open Banking Features, Now Banks and FinTechs Need to Deliver
March 04, 2024  |  Banking

Last month, a top financial industry regulator voiced concerns that banking and FinTech collaborations might be “blurring the lines” between banking and commerce. According to...

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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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