What’s Happening this Week in the Open Banking World?

Sync., a money management application utilising open banking has partnered with ComplyAdvantage to ensure it meets regulatory licensing requirements, thereby giving customers and their clients secure services. ComplyAdvantage is an AML solution provider using a real-time database.

The first appathon in the open banking space has been launched by Finastra, OBE, Railsbank and Yolt Technology Services (YTS) and sponsored by Amazon Web Services (AWS) and Mastercard. Startups and scale-ups will have the opportunity to launch products onto the fintech market, driving future innovation in this sector.

Australia-based fintech company Frollo, has reached one million open banking API calls, a landmark in its growth which reflects the impact of the Consumer Data Right ecosystem. It was acquired by NextGen.Net in July and the two companies have since used each others experience to make advancements in consumer finance. 

Ping Identity has updated its Australia-based opening banking sandbox environment to expedite processes for financial institutions. This new version enables consumers and data holders the option to share multiple records at the same time. This is in line with Australia’s Consumer Data Right ecosystem.

Vanquis Bank, a UK-based credit card provider has launched NatWest’s open banking powered payment solution Payit, on its mobile app. Vanquis customers can now make cardless payments to their account. This speeds up payments which normally take 2-3 days to be processed.