BankingBusiness

UK Finance: Sets out strategy for open banking payments

UK Finance: Sets out strategy for open banking payments

  • UK Finance brought the payments industry together to consider the future opportunity for open banking payments
  • There are now over 2.5 million open banking payments a month compared to just 320,000 in the whole of 2018
  • The recommendations in the report will help support the development of more products
  • There should be further development of open banking payment standards, supported by industry governance
  • This should be considered following the CMA’s decision on open banking governance
  • There is a case for exploring a voluntary framework for open banking payments
Previous article
The Agency Group Australia: Awarded over $212,000 in court win against MCL 105
Next article
Weavr: Partners with finway to issue physical and virtual cards for SMEs
Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

You May Also Like

FinTech

NYSE Parent Invests $600M in Polymarket, Strengthening Market Position

This significant investment signals confidence in the future of predictive markets. Highlights: NYSE's parent company allocates $600M to Polymarket.Investment...
FinTech

Nexi Expands SEPA Direct Debit with Danish Banks, Enhancing Payments Integration

Nexi's collaboration with Danish banks aims to strengthen payment services across Europe. Highlights: Nexi partners with several Danish banks...
FinTech

Lloyds Confirms App Glitch Exposed Data of Almost Half a Million Customers

The significant data breach prompts concerns over customer privacy. Highlights: Lloyds Banking Group admits to a data breach affecting...
FinTech

Mastercard Restricts Sale of Nets Payments Unit Purchased for $3.2 Billion

Mastercard looks to divest its Nets payments segment as part of strategic realignment. Highlights: Mastercard is seeking to sell...