Round-up of the Week’s News Stories

With Brexit looming, the FCA has announced it will allow UK-based TPPs to access account information and initiate payments without using the eIDAS certificates currently accepted between open banking providers in the EU. They will need to use an alternative. This comes following the European Banking Authority’s decision to revoke eIDAS certificates at the end of December.

The Global Legal Entity Identifier Foundation (GLEIF) and Open Future World have partnered to make it easier for open banking and open finance organisations to collaborate with one another and for other individuals and businesses to make decisions on who to work with. The directory, which lists such organisations will now include Legal Entity Identifiers (LEIs) enhancing transparency in the field.

Fime and Bridge powered by Bankin’, have announced a partnership to help banks test the functionality and security of their APIs so that they are exempt from the fall back mechanism which is a part of the PSD2 regulation. The process meets all the relevant technical standards and is completed when Fime deliver a compliance report to the National Competent Authority. 

Sweden-based open investment platform StockRepublic has partnered with the fintech Enfuce to provide a white-label solution for financial institutions which includes new opportunities enabled by the PSD2 Directive. Consumers use StockRepublic to get investment advice from successful investors. They will be able to follow, share and analyse investment portfolios in real time. 

Yolt Technology Services (YTS), which was launched by ING Bank in 2017 has gone past 1 billion API calls due to its expansion across Europe. YTS provides financial institutions and technology companies with services related to account information, payment initiation and data enrichment. It expects growth to continue but recognises there will be further competition from in-house products developed by other banks.

Finch, which provides financial technology and data intelligence, has launched its Open Banking APIs which give Accredited Data Recipients (ADRs) advanced solutions meaning they can offer customers more choice and better personalisation. Finch enriches more than 180 million customer transactions per month, which means there’s a significant amount of raw, real time data that can be accessed for a number of different use cases.