Weekly Open Banking News Updates

OpenPayd has partnered with token.io to implement open banking services for its corporate clients. The plan is to eventually release an API that enables these clients to offer these products to their own customers as well. Clients will be able to access multiple bank accounts from one dashboard and to make payments quickly and securely. 

Frollo, a financial management software, has integrated data from the Australia’s Consumer Data Right (CDR) and is the first such app to do so. The accounting software provider Intuit is another company which has received data from the CDR. Frollo users can also access product information directly from the app, a new feature including details on rates and fees. 

French-based startup Lydia is partnering with Tink to integrate open banking into its app. Lydia carries out peer-to-peer payments and has four million users in Europe. At the moment users in France can connect their bank account to Lydia via the Budgea API by Insight. This will continue to be available alongside Tink.

Finland-Based Bankify has announced a partnership with Neonomics to augment their service offering with open banking. Bankify offers personal financial management and will now be compliant with the PSD2 directive, as well as offering products that will benefit their clients and ultimately, the end-users of their clients.

Nesta has announced the winners of it’s 15-month long Open Up 2020 Challenge which was designed to promote open banking innovations in personal financial management. More than 100 companies entered the competition with the 15 finalists winning £50,000 and the four winners Mojo Mortgages, Moneybox, Plum and Wagestream winning £150,000 each.