Multimedia Topic: Open Banking

We are pleased to publish Commercial Model for Variable Recurring Payments Wave 1, the public consultation on the Wave 1 cVRP commercial Model report prepared by Frontier Economics for OBL.

This report from global professional services firm Alvarez & Marsal, The Future is Open: Navigating the Next Phase of UK Open Banking, charts open banking’s journey so far and asks industry experts what steps are necessary to ensure its future success.

Commercial Variable Recurring Payments (cVRP), the public consultation on the cVRP Multilateral Agreement (MLA).

JROC Workstream 2a – Financial Crime Data
April – September 2024 data

After a positive year for open banking, we ask industry and OBL experts for their views on key developments for 2025 from business borrowing to consumer protection; from financial inclusion to fraud; and from the National Payments Vision to a smart data economy.

Mobile phone and broadband services are now considered an essential household utility alongside water, gas, and electricity.

However, as costs for these services steadily increase, many consumers and businesses are looking for better deals to keep their monthly bills down.

Our guide explains how open banking and smart data can cut the cost of telecoms services and support faster switching, as well as help telecoms companies streamline billing and collection.

Marion King, OBL Chair, sat down with Tony Craddock, Director General of The Payments Association, to predict key payments topics for 2024. The podcast covers open banking’s long term regulatory framework, the National Payments Vision, and the advance towards smart data.

By enabling customers to access alternative sources of short-term credit and make repayments as soon as funds are available, sweeping can help cut the cost of borrowing.

From troubleshooting technical issues to application of the standards, we are here to help your organisation unlock the potential of open banking.

Find out more about our Directory at https://www.openbanking.org.uk/directory The OBIE enables companies enrolled in the Directory to maximise their open banking efforts. Everything we do is aimed at ensuring the success of the ecosystem, with specialist teams standing by to help – from troubleshooting technical issues with counterparties to application of the standards. Our Participant Support Team provide an expert point of contact to every enrolled firm. Our ecosystem teams work tirelessly to generate new opportunities. Championing Innovation. Raising awareness across industry and government departments. And forging links with representative bodies. The Policy, Standards and Directory teams work to keep our participants on the front foot. Ensuring that the regulatory and technical pillars that underpin the entire ecosystem are future-proofed and fit for purpose. Unlock the opportunity of open banking. Contact us today to learn more.

Money 2020 Europe 2023 – Pay By Bank: A World Without Cards – key takeaways from the panel

Wrapping up Money 2020’s lively discussion on a world without cards, OBL CEO Henk van Hulle asks each panellist for their key takeaways – from industry collaboration to design powerful payment solutions; keeping customers at the centre of payment innovation; and educating consumers.

Amazon’s Director of Payment Acceptance, Megan Bramlette, explained to OBL CEO Henk van Hulle why open banking is a key part of the payment mix for the online retailer’s global customers – and the importance of industry collaboration on recurring payments.

NatWest’s Chief Payments Officer, Mark Brant, explains to OBL CEO Henk Van Hulle how the bank embraced open banking with proprietary products and partnerships, as well as the importance of customer experience.

Open banking can help you find a wider range of loans that suit your business or personal finances and benefit from faster lending decisions.

Savings apps can help you make your money work harder by letting you see all your savings in one place. That means you can tuck away cash for holidays – and find the most cost-effective ways to spend abroad. Apps can even help protect your cash from fraudsters – and give you peace of mind.

Get paid faster – and with fewer errors – using an app. Customers get a slick experience and you get shorter call times.

Kate’s company issues thousands of bill reminders a day and gets lots of payment errors, wrong reference numbers. Inaccurate amounts. Mistakes lead to manual interventions that need time, effort and cost to resolve. Now, they use an open banking payments provider. Customers are notified when they need to pay a bill and can securely settle up using the company’s mobile app with the relevant details pre-populated in an easy-to-use gateway. All the customer has to do is provide their explicit consent and authenticate the payment of their bank. This enables the payment to reach Kate’s company almost immediately through Faster Payments with fewer errors. Customers get a slick, intuitive experience and the peace of mind of another job done. No need to store card details, no more suspense accounts, no more manual retrieval and reconciliation and shorter call times for Kate’s team, who can now work on delivering real value to the company and its customers.

key insights on adoption and business use