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.

Supreme Court Ruling on CFPB Paves Path for Open Banking
Supreme Court Ruling on CFPB Paves Path for Open Banking
May 16, 2024  |  CFPB

Reading the Thursday (May 16) Supreme Court ruling upholding the constitutionality of the Consumer Financial Protection Bureau’s funding mechanisms — and ensuring the agency’s survival — takes one through centuries of...

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Dwolla and Visa Partner on Account Verification for Pay-by-Bank
Dwolla and Visa Partner on Account Verification for Pay-by-Bank
May 16, 2024  |  B2B Payments

Dwolla and Visa have partnered to make it easier for mid- to enterprise-size businesses to use pay-by-bank to pay and get paid. With this collaboration,...

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VantageScore Unveils Credit-Scoring Model That Includes Alternative Open Banking Data
VantageScore Unveils Credit-Scoring Model That Includes Alternative Open Banking Data
May 15, 2024  |  Financial Inclusion

VantageScore unveiled a new credit-scoring model that uses both traditional credit data and alternative open banking data. The combination gives lenders a predictive lift of up...

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Mexico-Based Aplazo Raises $70 Million for Omnichannel Payment Platform
Mexico-Based Aplazo Raises $70 Million for Omnichannel Payment Platform
May 13, 2024  |  Payment Methods

Aplazo has raised $70 million in equity funding, including a $45 million Series B, to continue building its omnichannel payment platform. The Mexico-based company will...

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Experian Launches Open Banking-Powered Solution to Expand Access to Credit
Experian Launches Open Banking-Powered Solution to Expand Access to Credit
May 09, 2024  |  Loans

Experian has launched a solution designed to further inform lending decisions and expand access to credit. The new Cashflow Attributes uses open banking insights from...

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Consumers View Embedded Lending as Option to Pay Everyday Essential Expenses
Consumers View Embedded Lending as Option to Pay Everyday Essential Expenses
May 07, 2024  |  Alternative Credit

Embedded lending may gain new consideration at the point of sale as cash-strapped consumers grapple with the pain of emergency expenses. And it may help...

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CFPB Rule 1033 Will Hasten Shift to Open Banking in US
CFPB Rule 1033 Will Hasten Shift to Open Banking in US
May 07, 2024  |  Payments Innovation

Back in October, the Consumer Financial Protection Bureau (CFPB) made public a new rule about data and data sharing. And it wasted no time signaling the intent behind it....

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Banking Regulators’ Guide to Third-Party Risk Management Spotlights Community Banks’ Vulnerabilities
Banking Regulators’ Guide to Third-Party Risk Management Spotlights Community Banks’ Vulnerabilities
May 06, 2024  |  Bank Regulation

The rise of open banking and FinTechs is changing the fabric of financial services. Data sharing and pacts between traditional financial institutions and digital-only innovators...

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Can Open Banking Increase Consumer Trust in New Payments Tech?
Can Open Banking Increase Consumer Trust in New Payments Tech?
May 03, 2024  |  Opinion

Open banking is empowering consumers and the businesses they work with to adapt amid uncertainties, Trustly founder and CEO Alex Gonthier writes in the new...

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