Latest news with #openbanking
Finextra
7 days ago
- Business
- Finextra
CFPB to ditch open banking rule
The Financial Technology Association (FTA) has hit out at US regulators over plans to rescind open banking rules, calling the move a "handout to Wall Street banks". 1 In a legal filing, the Consumer Financial Protection Bureau (CFPB) says it will petition a court to have the 1033 open banking rule rescinded. The CFPB only published the Personal Financial Data Rights final rule in October, giving Americans the right to instruct their banks to share their financial data with third party providers. However, the plan has long proved unpopular with many in the traditional financial industry and banks have taken advantage of the change in administration to raise concerns about potential liability for data breaches and the ability to charge for access to data. At the beginning of May, reports surfaced suggesting that Wall Street was likely to get its way, with the CFPB looking to amended or eliminated the rule. It is now moving ahead with elimination. Penny Lee, CEO, FTA, says: "Vacating the 1033 rule is a handout to Wall Street banks, who are trying to limit competition and debank Americans from digital financial services. Americans must have the right to control their financial lives, not the nation's biggest banks." For the CFPB, this is the latest example of a starkly different approach under Trump as it scales back its activities and reverses previous positions under acting Director Russell Vought. In March it ditched an interpretive rule declaring that pay-in-four BNPL lenders should be treated in the same way as credit cards. In recent weeks it has also dropped a host of lawsuits, including against JPMorgan Chase, Bank of America and Wells Fargo over fraud on the Zelle P2P payments network. Meanwhile, a rule that would give the watchdog oversight of tech giants such as Apple, Google and X, that offer digital payment apps and wallets has been killed off by the Senate and House of Representatives.
Finextra
21-05-2025
- Business
- Finextra
UK government seeks open banking supplier for Universal Credit
The UK government has begun a procurement process to find an open banking technology supplier for use with its Universal Credit social security payments. 0 The Department for Work & Pensions (DWP) started an open banking trial for UC late last year, providing claimants with a secure and simple online process to share bank balance and transaction data. Now it is on the hunt for a supplier that will help it provide the ability for citizens to share balance and transaction details for all their bank accounts, and to verify these accounts. Other open banking products could follow, meaning the chosen supplier will need to be able to expand its offering. As first reported by Global Government Fintech, the procurement process is being run via the 'Open Banking Dynamic Purchasing System' run by the Crown Commercial Service.
Al Bawaba
20-05-2025
- Business
- Al Bawaba
Mashreq Unveils Next-Generation API Marketplace to Accelerate Digital Innovation
Mashreq, a leading financial institution in the MENA region, has launched its next-generation API Marketplace, a dynamic platform designed to empower corporate clients, developers and fintechs with seamless access to Mashreq's suite of APIs. The Application Programming Interface (API) is a technical code that connects and allows seamless data exchange between different systems. They are transforming how corporates manage payments, receivables and liquidity, providing real time visibility on their cash positions and payments.'The API Marketplace is a key pillar in our broader digital strategy.' said Joel Van Dusen, Head of Corporate and Investment Banking Group at Mashreq. 'At Mashreq, we are committed to driving the future of open banking and digital transformation through APIs. Our new API Marketplace is not just a technology platform —it's a strategic enabler that allows our clients and partners to co-create, innovate, and scale faster than ever before.'The platform introduces several groundbreaking features, including automated developer registration, real-world case studies, and a flexible subscription model— aimed at fostering innovation through a more agile and collaborative digital API Marketplace comes at a time when API adoption is experiencing exponential growth in the UAE and the Central Bank has been actively promoting open finance through initiatives like the Open Finance Framework, encouraging banks to adopt API standards and collaborate with fintechs to innovate new business solutions.'The launch or API Marketplace marks a significant milestone in our digital journey,' said Vivek Batra, Global Head of Global Transaction Banking (GTB) at Mashreq. 'It is designed with a developer-first mindset, offering intuitive tools, sandbox environments, and comprehensive documentation. It enables us to extend our services beyond traditional channels and integrate seamlessly into the digital journeys of our customers, exploring new ideas, partnerships, and new business models. By simplifying access and offering real-world use cases, we are making it easier for developers and businesses to build the next generation of financial solutions.' With this launch, Mashreq continues to reinforce its position as a digital pioneer in the region, offering clients and partners the tools they need to thrive in an increasingly connected world.
RNZ News
19-05-2025
- Business
- RNZ News
Should banks be allowed to put fees on open banking?
Should banks be allowed to charge fintechs to access customer data? And could doing so stifle open banking innovations? Government officials are rethinking a proposal that would allow banks to charge financial technology platforms wanting to access customer data, such as budgeting apps. The move comes after MBIE's proposal to allow as much as $5 per month per customer drew the ire of many in the fintech sector - with some businesses saying the fees would threaten their viability. Lance Wiggs is an investor in the budgeting app Pocketsmith. He says the average customer would reach the proposed cap within 15 days, and the fee would make the business unviable. MBIE acknowledges the concerns and says it will provide more advice to the Commerce and Consumer Affairs Minister, Scott Simpson, ahead of a decision before December. Kathryn speaks to Lance Wiggs and Nick Houldsworth - co-founder of fintech Prosaic which provides an artificial intelligence tool to accountants, and Massey University Associate Professor of Banking, Claire Matthews. Photo: 123RF
Zawya
19-05-2025
- Business
- Zawya
Mashreq unveils next-generation API marketplace to accelerate digital innovation
Dubai, UAE – Mashreq, a leading financial institution in the MENA region, has launched its next-generation API Marketplace, a dynamic platform designed to empower corporate clients, developers and fintechs with seamless access to Mashreq's suite of APIs. The Application Programming Interface (API) is a technical code that connects and allows seamless data exchange between different systems. They are transforming how corporates manage payments, receivables and liquidity, providing real time visibility on their cash positions and payments. 'The API Marketplace is a key pillar in our broader digital strategy.' said Joel Van Dusen, Head of Corporate and Investment Banking Group at Mashreq. 'At Mashreq, we are committed to driving the future of open banking and digital transformation through APIs. Our new API Marketplace is not just a technology platform —it's a strategic enabler that allows our clients and partners to co-create, innovate, and scale faster than ever before.' The platform introduces several groundbreaking features, including automated developer registration, real-world case studies, and a flexible subscription model— aimed at fostering innovation through a more agile and collaborative digital ecosystem. Mashreq's API Marketplace comes at a time when API adoption is experiencing exponential growth in the UAE and the Central Bank has been actively promoting open finance through initiatives like the Open Finance Framework, encouraging banks to adopt API standards and collaborate with fintechs to innovate new business solutions. 'The launch or API Marketplace marks a significant milestone in our digital journey,' said Vivek Batra, Global Head of Global Transaction Banking (GTB) at Mashreq. 'It is designed with a developer-first mindset, offering intuitive tools, sandbox environments, and comprehensive documentation. It enables us to extend our services beyond traditional channels and integrate seamlessly into the digital journeys of our customers, exploring new ideas, partnerships, and new business models. By simplifying access and offering real-world use cases, we are making it easier for developers and businesses to build the next generation of financial solutions.' With this launch, Mashreq continues to reinforce its position as a digital pioneer in the region, offering clients and partners the tools they need to thrive in an increasingly connected world. About Mashreq Mashreq is more than half a century old, yet proudly thinks like a challenger, startup, and innovator. Mashreq has pioneered key innovations and developments in banking, starting with entry-level digital-first customers all the way to powering some of the region's most prominent corporations and wealth accounts. The bank's mandate is to help customers find their way to Rise Every Day, partnering through the highs and lows to help them achieve their goals and unlock their vision of success. Reassuringly present in major financial centers of the world, Mashreq's home and global HQ remains in the Middle East, offering services whenever and wherever opportunity takes its customers. Mashreq has been recognized as the fastest-growing Middle East brand, by Banking 500 rankings for 2024 by Brand Finance. Find your way to Rise Every Day at: For media inquiries, please write to: media@
