The Week in Open Banking

The UK-based banking platform Curve has partnered with Plaid to enable users to aggregate their bank accounts into one debit card and one app. Curve’s goal is to help consumers get a broad overview of their finances and spending habits. Plaid connects 11,000 financial institutions to more than 3,000 finance apps via open banking and will give Curve’s customers access to their accounts at both traditional and challenger banks.

Australia-based SuperConcepts is planning to get the necessary certifications to offer open banking services to its clients in 2021. This will vastly speed up the process by which financial advice is offered since paperwork, data and transactions can be analysed and managed more effectively. SuperConcepts has made headway with two certifications so far, the design phase of the ISO 27001 for operational security and the Service Organisation Control (SOC) 2.

The Sweden-based open banking startup Tink has raised €85 million at a post-money valuation of €680 million. It will use this funding to expand its network in Europe. Tink currently connects to 3,400 banks which have a total of 250 million customers and has 8,000 developers using its APIs. Its 2021 growth is forecast mainly in the UK, with Europe to follow.

Admiral Financial Services Limited (AFSL) is working with Credit Kudos to verify incomes when processing personal loan applications. Credit Kudos’ data aggregation is enabled by open banking and is more up-to-date than that traditionally available. This partnership will help AFSL to make better risk assessments of prospective customers.