Open Banking News Update

The open banking-enabled budgeting app Frollo, has released its latest version with new and updated features. Frollo aggregate’s a customer’s accounts from multiple banks all in one place and has around 120,000 users in Australia. They will now be able to customise their budgets, search and filter and set up automated goal tracking. According to Frollo, consumers are managing to decrease debt and increase savings in the first six months of signing up to the app. 

TrueLayer has announced the launch of PayDirect which enables companies to simplify payment processes. Driven by open banking, PayDirect uses open banking to verify accounts and make instant deposits, withdrawals and refunds. TrueLayer reports that companies using PayDirect will benefit from higher payment conversion rates since failure rates are much lower than with cards. 

Spot Money has launched the first open banking powered product in South Africa. Formerly called Virgin Money, Spot Money’s latest app includes payment solutions, a digital bank and a financial services marketplace. Customers will benefit from having all their financial needs met from one app, as well as being able to receive personalised offers. 

Zürcher Kantonalbank is the third large bank in Switzerland to join the open banking platform b.Link by the Swiss Infrastructure and Exchange (SIX) Group. Corporate customers will now be able to share transaction data from their accounting platforms with their banks. This comes following a period fo growth for the fintech sector in Switzerland.

The Big Exchange, a platform focusing on social, environmental and impact investment, has partnered with Moneyhub. The partnership is centred around financial inclusion and will utilise open banking to create innovative products. Individuals will have the opportunity to get the most out of their money regardless of their financial circumstances and do so in a socially and environmentally conscious way.