Weekly Round-Up of Open Banking News

Financial Data Exchange (FDX) Canada has been launched to standardise the way consumers’ data is accessed in the every-evolving area of open banking. This is to ensure consumer protection and includes 31 financial institutions as its members. The FDX already exists in the US serving 12 million customers via at least 100 financial organisations.

400,000 Italian customers of Revolut can now control their other bank accounts via the app, making their day-to-day transactions simpler and helping them to keep track of their personal finances more easily. Revolut have introduced the same for more than 1 million customers in France by partnering with a number of financial institutions.

Chartwell Mortgage Services has joined Credit Access’ opening banking product giving them easy access to a customer’s banking data providing consent is given. This simplifies and speeds up the process for a customer looking at mortgage options with their broker since their data can be accessed in a matter of minutes.

Nutmeg has launched open banking payments in the UK and is the first wealth manager to do so. This will enable their customers to add to their investments with just a few clicks. This has the obvious advantage of getting money into the market much faster than with traditional bank transfers or card payments.

Konsentus is working with Open Vector to help financial institutions in Latin America and Canada to offer opening banking securely with real-time Third-Party Provider (TPP) identity & regulatory checking services. Open banking is well-promoted in both Brazil and Mexico where developments in Fintech are seen as vital forces for the democratisation of finance.  

Rebuildingsociety, a peer-to-peer lending platform for businesses, now has access to open banking via its software White Label Crowdfunding. Deposits can be made securely and in real-time, vastly improving the user experience.