Weekly News – August 26th

The open banking platform Nordic API Gateway has partnered with the challenger bank Luna to offer account aggregation and payment initiation services to more than 170,000 customers in Denmark, Norway and Sweden. This is a first for a Danish bank.

In October 2020, non-major banks in Australia must make their data available to the market as part of the country’s open banking initiative. Challenger bank Xinja has made an agreement with Siss Data Services to use their API in order to meet this requirement. 

Moneyhub has expanded its reach in Ireland by adding Allied Irish Bank, Bank of Ireland, First Trust and Ulster Bank to its platform. As an open banking provider, Moneyhub can now offer the customers of its clients access to their data across a number of financial institutions.

Plaid has hired a general counsel who has career experience with both private banking and the government. As Fintech companies push the open banking agenda, regulatory bodies are playing catch-up but both are vital to the development of a new financial infrastructure. More strategic hires like this are likely in the open banking industry, as it navigates all the obstacles to mass adoption.

PayKey and Standard Chartered Bank of Korea have partnered to deliver an open banking keyboard solution that enables users to send money easily, even via WhatsApp. PayKey sees a future where their solution goes beyond account management and payments, helping customers to also trade and make investments.