Latest news with #OpenBanking
Daily Mirror
17 hours ago
- Business
- Daily Mirror
Warning issued to anyone with £10,000 in their savings account
New research has found that millions of Brits are missing out on hundreds of pounds in interest by leaving large sums of money sat idle in their current accounts Millions of Brits are losing out on piles of cash annually due to a banking blunder – they're not moving large cash reserves from non-interest paying current accounts. Recent analysis has discovered around 8.3 million UK current accounts with balances over £10,000 are earning zero interest. These dormant accounts collectively hold a whopping £284 billion, a sum that could accrue substantial interest if placed in high-interest savings. The data is brought to light by Spring, the latest savings app incorporating Open Banking tech to sync seamlessly with user's current bank accounts. Spring boasts a 4.30% AER offer, beating typical high street banks' rates. Industry figures used by the app show every eleventh account holds an average of £33,961, and about 1.3 million of these have more than £50,000. Spring is raising the alarm on the 'current account coasters' - those folks who let excess cash sit idly in their accounts instead of transferring to a savvier savings option. Alarmingly, broader industry stats point to 74 million credit-positive current accounts that don't earn a penny in interest, reports the Express. Derek Sprawling, Savings MD at Spring, said: "Cumulatively, nearly £400 billion is held in current account balances in the UK. You would imagine that these would mainly consist of small balances, but our analysis shows that there are a significant number of accounts that contain sizeable funds, accounting for over half of the overall balance. "Most people sensibly maintain a small current account balance to cover emergency costs and everyday expenses, but leaving thousands of pounds in your current account means you will be missing out on hundreds of pounds in interest each year. "With nearly eight million current accounts containing significant balances, that money could work harder in a higher-paying savings account." He further stated: "Many people don't move those funds because they don't want to lose access to it but choosing a savings account that connects to a current account so you can transfer money in seconds and offers unlimited withdrawals, could provide a compelling alternative." Spring's app - available on iOS and Android - allows users to apply within minutes and link their accounts for instant access to savings features, including separate pots and easy withdrawals. It requires no bank switch and promises to help people develop better savings habits with minimal effort.
Finextra
29-05-2025
- Business
- Finextra
Sumsub introduces bank account verification across Europe
Sumsub, a global full-cycle verification platform, announces the launch of its Bank Account Verification solution. 0 The new solution instantly verifies customer account ownership, outstanding balance, and detailed transaction history, which enables businesses to prevent account takeover and payment fraud, assess user financial vulnerability and creditworthiness, and ensure compliance with key regulatory obligations, including those under PSD2 and AML/CTF frameworks. Sumsub's strategic partnership with Enable Banking leverages their advanced Open Banking infrastructure to power its Bank Account Verification tool. This collaboration provides seamless connectivity across Europe, ensuring secure, real-time access to verified financial data. With Sumsub's Bank Account Verification, users can securely share their financial institution data via the Open Banking infrastructure in 29 countries on a pan-European level. This process is seamlessly enabled through a simple bank account login that leverages Strong Customer Authentication (SCA) tools which have been implemented by banking institutions in virtually all EEA countries. By leveraging real-time verification of granular banking data that has already passed strict due diligence processes, businesses can make well-informed risk management decisions that allow them to prevent identity and financial fraud, streamline operations by eliminating document processing, and deliver a seamless user experience across the Fintech, iGaming, andE-commerce industries. Fraud is on the rise globally, with increasingly sophisticated methods like deepfakes gaining traction. According to recent data from Sumsub's Identity Fraud Report 2024, deepfakes accounted for 7% of global fraud attempts in 2024, marking a 4x increase from the previous year, including a staggering 118% surge in the UK. Europe, as the second worst region for ID fraud growth, saw a 150% increase, highlighting the escalating risks. With Juniper research projecting global Open Banking transaction values to surpass $330 billion by 2027, the opportunities for fraudsters are growing alongside the stakes for businesses. This reaffirms that robust verification and anti-fraud measures are more critical than ever. Key features and benefits: • Real-time account verification: Confirms bank account ownership, activity, and balance instantly. • Regulatory compliance: Ensures adherence to PSD2, AML/CTF, and enhanced due diligence (EDD) requirements. • Seamless integration: Easily integrates with client systems via API and SDK for smooth data transmission. • Secure and user-friendly: Employs encrypted connections and real-time presence verification to protect user data. • Comprehensive data validation: Verifies key financial metrics, including account activity, transaction history, and income details. Main use cases: • Payment method verification: Confirms bank account authenticity and ownership to ensure secure payment processing. • Compliance for high-risk transactions: Validates sources of funds and meets EDD standards for high-value financial activities. • Responsible lending: Supports income verification and credit risk assessment for lenders and financial institutions. • Age verification: Ensures compliance for age-restricted platforms such as iGaming and dating services. • Fraud prevention: Verifies account authenticity for secure transactions across fintech and payment platforms. 'With regulatory landscapes becoming more complex and sophisticated fraud threats emerging, businesses need verification solutions that are not only compliant but also frictionless. Our Bank Account Verification product offers businesses the tools they need to operate securely, scale confidently, and meet the demands of modern regulatory frameworks across Europe,' said Andrew Novoselsky, Chief Product Officer at Sumsub. 'At Sumsub, we are not only committed to helping businesses stay compliant but also mitigate the risks posed by fraudsters, ensuring that companies can confidently protect their users and operations in a risky digital landscape.' 'We are thrilled to power Sumsub's Bank Account Verification tool. Our mission is to facilitate innovative solutions through open banking, and this partnership exemplifies this. Our collaboration reaffirms our commitment to providing businesses with secure and seamless access to open banking data across Europe, said Sarah Häger, CCO at Enable Banking. 'By integrating our extensive banking connectivity into Sumsub's advanced platform, we are enabling them to offer an even more robust solution, empowering financial businesses to minimize fraud, and avoid money laundering.. We look forward to continuing our partnership with Sumsub and supporting their mission to deliver top-notch verification solutions.' Sumsub's Bank Account Verification seamlessly enables businesses to serve customers efficiently while fully meeting regulatory requirements. The system verifies account ownership and activity in real-time, extracting essential data, such as credit limit, remaining balance, latest transaction, and complete transaction history.
Finextra
22-05-2025
- Business
- Finextra
Snoop adds variable recurring payments feature
Fintech app Snoop has launched Variable Recurring Payments (VRPs), letting users automate savings with ease and stay on track with financial goals - all powered by Open Banking. 0 Snoop's new VRP functionality allows users to set flexible, automated deposits from their current account into their Snoop savings account on a weekly or monthly basis - on the day that suits them. This new capability builds on the app's existing savings features, which already include smart insights and nudges that help customers shift spare cash into high-interest savings. 'Open Banking has made saving smarter, faster, and more flexible,' said John Natalizia, CEO and Co-founder of Snoop. 'With VRPs, we're unlocking a new level of control and ease. This is about building better habits with less effort - and helping people grow their money without needing to think about it every day.' Since launch, the Snoop savings account has gained strong traction. Over 90% of customers fund their accounts using Open Banking, preferring seamless, secure transfers over manual top-ups. The Snoop savings account offers: 4.25% AER / 4.16% gross (variable) interest Daily interest payments Easy access: same working day if requested before 11am Open from just £1, save up to £85,000 FSCS protection up to £85,000 (held with Vanquis Bank Limited) Supporting smarter saving Over 80% of users have set savings goals, most aiming to build an emergency fund. Snoop recommends monthly contributions and nudges users when spare cash is available. This will expand to include advanced sweep rules, roundups, and payday savings, offering even more intelligent automation. 'Unlike traditional accounts, Snoop actively helps customers optimise their savings,' Natalizia added. 'With £280 billion sitting in UK bank accounts earning no interest, Snoop helps people move that money to where it works harder - automatically, securely, and with zero hassle.' 'With the Bank of England expected to cut rates later this year, it's more important than ever for savers to stay proactive. Snoop's smart nudges keep customers ahead, alerting them when better options are available.' Snoop has worked with its partner Tink, A Visa Solution, to facilitate the launch of the new VRP feature. Ian Morrin, Tink's Head of Payments, added: "Automated savings with rules set by the consumer is a perfect sweeping VRP use case. Snoop are innovating experiences with a clear focus on the customer and their financial health. At Tink, we're excited to see these VRP developments and Snoop going to market with this fantastic product." Snoop is available for download on the App Store and Google Play.
Finextra
14-05-2025
- Business
- Finextra
Myne chooses Fintech Galaxy for open banking payments
Myne, a leading personal finance management (PFM) platform, has selected Fintech Galaxy, a regional leader in Open Banking and financial innovation, to power its Open Banking data and payments capabilities in the GCC region. 0 This strategic partnership aims to revolutionize how users manage their finances, offering them seamless Open Banking-enabled access to real-time financial data and streamlined payment solutions. Unlocking the Power of Open Banking By integrating Fintech Galaxy's Account Information and Payment Initiation services via FINX Connect, Myne is redefining Wealth Management. FINX Connect, an Open Banking platform, enables secure access to financial data and seamless payment initiation. Myne users will gain a real-time, consolidated view of their finances, empowering smarter decisions and greater control. Open Banking-powered Myne will help users better track, grow and protect their finances while streamlining payments with secure, frictionless transfers. Our partnership with Fintech Galaxy represents a significant leap forward in transforming personal finance management in the GCC starting with Bahrain,' said Karim Chouman, CEO of Myne. 'By integrating Open Banking capabilities into Myne, we're making it easier for users to gain full visibility over their financial lives, take control of their spending, and plan more intelligently for the future. This collaboration reflects our commitment to delivering intelligent, secure, and inclusive financial wellness tools across the region.' 'This partnership is a testament to the transformative power of Open Banking,' said Mirna Sleiman, Founder and CEO of Fintech Galaxy. 'By enabling seamless access to financial data and streamlining payments, we're empowering Myne to deliver smarter, more personalized financial solutions that truly resonate with users. Together, we're driving innovation, financial inclusion, and better money management across the GCC.' Myne, powered with data and payment Open Banking-powered tools, will offer customers real-time financial insights, budgeting support, and net worth analysis. Myne will offer seamless, secure, and instant payments, enabled by Fintech Galaxy's Open Banking Payments capabilities. The app will also enhance engagement, builds trust, and provides actionable insights for more personalized financial experiences.
Finextra
06-05-2025
- Business
- Finextra
Equifax connects with Render
Equifax UK has announced a strategic partnership with Render to launch a comprehensive data decisioning platform for lenders that uses Equifax credit bureau data and categorised Open Banking insights. 0 The new platform - Clear Decision, powered by Render - will help lenders make more informed decisions based on customers' individual financial circumstances, using a combination of Credit Reference and Open Banking data that provides an enhanced picture of affordability and creditworthiness. In particular, it will help lenders tackle the challenge of marginal credit applications. Currently, most lenders rely on bureau data at the front end of a customer journey, and only supplement this with granular Open Banking data to inform marginal or borderline cases. However, Clear Decision shifts this dynamic by automating the process of combining the data and therefore reducing manual underwriting time and errors. The solution enables improved decision-making efficiency across all asset classes, including mortgages, retail finance, motor finance and unsecured credit. It also helps lenders identify and tackle fraudulent applications. Stephen Maitland, Director of Partnerships and Strategic Alliances at Equifax UK, said: 'Lenders are facing increasing pressure to deliver better consumer outcomes so establishing a deeper understanding of customers' affordability is increasingly important, particularly in the case of marginal lending decisions. There remains a significant opportunity across the industry to take better advantage of Open Banking data to aid decision making, and this new platform will help improve operational efficiency, broaden financial inclusion and enable lenders to approve more customers with confidence.' Jonathan Mascie-Taylor, Chief Commercial Officer at Render, said: 'We already enjoy a strong partnership with Equifax as a provider to our lending business, Abound, making this new platform a natural extension given Equifax's industry-leading Open Banking capabilities. Clear Decision has the potential to be a game-changing solution for lenders, and one that can help expand the accessibility of Open Banking to improve decision-making at scale.'
