Your Weekly News Update by Pay iO

Basiq, an open banking platform backed by NAB, Westpac, Salesforce and Plaid is launching a new feature which will give lenders a better overview of a customer’s liabilities. It will aggregate outstanding loans from buy now, pay later platforms amongst others, so it can get a better idea of a customer’s ability to make timely repayments. 

Lloyds Banking customers can now make payments via Mastercard’s Open Banking Connect solution without having to to add their card details. This will help Lloyds Banking customers to pay their credit card bills in a simpler and more efficient way and is totally secure. This is an expansion of Lloyds Banking’s open banking-powered services which currently include account aggregation.

VibePay has announced the launch of a combined offering which includes Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP) features on its app. VibePay users are now able to see all their bank accounts, view their transactions and manage payments within the app. They will also be able to receive push notifications of important transactions. 

Bahrain-based Tarabut Gateway has raised $13 million in seed funding in a round led by venture capitalist Target Global. Kingsway, Entrée Capital, CE Ventures, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment also joined the round. Tarabut Gateway’s open banking platform will allow fintechs and other third party providers in the region to access the customer financial data of partner banks. 

Pay iO’s articles do not constitute financial advice and are for information only.