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.

Tarabut Gateway Teams With Rain to Tap MENA Crypto Market
Tarabut Gateway Teams With Rain to Tap MENA Crypto Market
March 14, 2023  |  Cryptocurrency

The open banking platform Tarabut Gateway is entering its region’s busy crypto market. The company announced Tuesday (March 14) it had teamed with Rain, the first regulated cryptocurrency asset trading...

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Nigeria Greenlights Open Banking to Deepen Financial Inclusion, Boost Innovation
Nigeria Greenlights Open Banking to Deepen Financial Inclusion, Boost Innovation
March 09, 2023  |  Bank Regulation

Open banking is now live in Nigeria, the first country to adopt open banking regulations in the Africa region. The operational guidelines to kickstart the...

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GIACT and Mastercard Team to Provide Secure Account Verification
GIACT and Mastercard Team to Provide Secure Account Verification
March 07, 2023  |  Security & Fraud

Mastercard and GIACT have joined forces to offer customers secure account verification. The partnership expands on GIACT digital identity and fraud solutions to allow “businesses...

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UK Open Banking Use Boosted by Consumers’ Embrace of the Digital Economy
UK Open Banking Use Boosted by Consumers’ Embrace of the Digital Economy
March 07, 2023  |  Connected Economy

Increased British adoption of open banking this year may be making headlines after the announcement of a new regulator focusing on the space — but this...

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Abound Raises $601 Million to Fund Open Banking Business
Abound Raises $601 Million to Fund Open Banking Business
March 06, 2023  |  Investments

British lender Abound has raised $600 million to tap into increased interest in open banking. The funding, reported Monday (March 6) by TechCrunch, will help...

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Time, Investment and Creative Thinking Needed to Accelerate UK and EU Open Banking Adoption
Time, Investment and Creative Thinking Needed to Accelerate UK and EU Open Banking Adoption
March 01, 2023  |  Digital-First Banking

Five years after open banking became a regulatory requirement, the U.K. now claims 7 million active users. That figure, representing less than 20% of the...

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Tazapay Adds Open Banking With Volt’s Help
Tazapay Adds Open Banking With Volt’s Help
February 28, 2023  |  Partnerships

Singapore’s Tazapay has teamed with Volt to add open banking to its payments offerings. The collaboration, announced in a Tuesday (Feb. 28) news release, will...

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UK Hits Open Banking Milestone Amid Lingering Doubts About API Performance
UK Hits Open Banking Milestone Amid Lingering Doubts About API Performance
February 21, 2023  |  Digital Banking

About 10% of U.K.’s population used open banking services in January. Data from a recent report by Open Banking Limited (OBL) shows that the number...

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UK Open Banking Users Swell to 7M  
UK Open Banking Users Swell to 7M  
February 20, 2023  |  Digital-First Banking

More than a million British customers used open banking for the first time in January. The addition of 1.2 million first-time users during the month...

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