Open Banking has matured into an innovative payments solution enabling merchants to drive conversion, reward loyalty and improve the customer experience.

Cyber threats directed towards financial services has grown rapidly, driven by digital transformation and regulation such as open banking.

Finsure has partnered with Frollo and NextGen to use Open Banking data as part of the loan application process.

The findings are from Experian's latest business and consumer insight report, developed in partnership with Forrester, exploring open Banking and data privacy.

Open banking is now being introduced in New Zealand, with the Government saying the move will increase bank competition and deliver a better deal for New Zealanders.

Advisors and financial service providers need innovative technology, solutions and intelligence to make financial wellness a reality for everyone.

The banking industry as a whole is undergoing a digital transformation, challenging the supremacy of established banks that have, for decades, been at the heart of the global financial system.

RiskBusiness says its report on open banking finds that while it holds much potential, financial services firms need to ensure they have robust, risk processes.

“We believe the open data revolution can only strengthen our country’s economic prosperity and individual financial wellbeing.”

While open banking benefits banks, fintechs, and consumers, its promise to deliver innovative services and spur competition does not come without security cautions.

According to Tonik founder and CEO Greg Krasnov, the company needed to drive its value proposition not just through cost, but also consumer trust.

A new report by RiskBusiness Services Limited has revealed various challenges and opportunities that businesses could face in 2022 while also exploring new horizons for financial services firms.

Asia-Pacific is a leader in open banking, thanks to the region's extensive digital ecosystems and a willingness to share data. Both financial institutions and tech firms have developed data-sharing infrastructure, and adoption rates are high in many countries belonging to the region.

To truly be customer-centric, it’s time to stop talking ‘open banking’ and show consumers that it’s simply ‘smart banking’, using modern technology to deliver better financial – and social – outcomes.

Open banking is one step in the move towards an ‘open API economy’, in which key services are shared amongst internal departments, partners, and even public developers.

A new report found that competition is increasing between established retail banks and the technology and eCommerce disruptors that are offering new payment solutions.

FAPI is an open standard designed for banks and fintechs in Europe and around the world to build Open Banking standards for secure exchange of consumer financial information.

“It establishes the bank as an integral part of the customers’ life – a ‘one-stop-shop’ where they can get personalised products and services they want, when they want them.”

The cloud-based testing environment for APIs enables banks to accelerate compliance with Open Banking and PSD2 deadlines.

“Our borderless world provides unprecedented freedom and convenience, but also breeds a whole new set of cybersecurity risks and concerns.”

As early as July 2019, Australian banks will need to have a system in place that both benefits customers and protects their personal data.

Open banking is closer to reaching the New Zealand public, with a pilot project currently underway and due to wrap up by the end of the year.