Weekly Open Banking News Update

HMRC has awarded a £3 million contact to Ecospend for open banking, the tender of which was issued in 2020. The procurement process was assisted by the Open Banking Implementation Entity (OBIE). Ecospend will provide open banking-enabled products that help individuals and businesses streamline their tax payments, making it easier for all involved and helping to avoid errors.

The Open Banking Implementation Entity (OBIE) has created a new tool which enables companies to check their counter-fraud defences. It is accessible to all businesses that are part of the OBIE Directory. The insights will help them assess areas for improvement and take further measures which will protect them and their customers. 

The Financial Services Commission (FSC) in South Korea has revealed its plans for 2021 which include its open banking infrastructure. Permission to provide open banking products has been given to savings banks and credit card companies in the first instance. This will then we expanded to financial investment firms. 

Brazil has launched the first of four phases of its open banking implementation plan, part of its goal to develop the financial infrastructure of the country. Participation is obligatory for large Brazilian banks, as well as medium-sized ones with a strong international footing. It is hoped these measures will increase competition int he sector and improve financial education. 

Lenlord has announced a partnership with Plaid to create an open banking solution which enables landlords to automate their accounting processes. The use of open banking means landlords can connect the app to their bank accounts. Cashflow and rent collection will be streamlined and landlords will be able to view their entire portfolio from the app.