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

WealthCom Secures $65M Funding Boost for Expansion

The investment aims to enhance service offerings and accelerate growth. Highlights: WealthCom raises $65 million in Series B funding.New...
FinTech

Financial Health Tools Could Unlock $5B in SME Lending

CFIT report highlights the potential of financial hygiene tools for small businesses. Highlights: CFIT report suggests financial health tools...
FinTech

Coinbase Strengthens UK Crypto Borrowing Options for Customers

Users can now borrow against their cryptocurrency holdings in the UK. Highlights: Coinbase now allows UK customers to borrow...
FinTech

Chase UK Appoints Monzo’s Malani as CEO, Strengthening Leadership Team

Former Monzo executive will lead Chase UK's growth strategy. Highlights: Chase UK appoints Monzo veteran Malani as CEO.This move...