Commenting on the May highlights, OBIE’s Implementation Trustee Imran Gulamhuseinwala OBE said:
“In May, figures published by Experian showed the number of people using open banking to share their data has tripled since the pandemic started. This highlights the increasing demand for open banking enabled propositions. We also announced the publication of the Extended Customer Attributes standard (ECA), which enhances and supports several identity-related uses such as customer onboarding, age verification and delivery address confirmation. This new standard means that when a customer gives consent to their bank to share their data with a third party, only essential information is shared. For example, if a customer wanted to prove their age, this could be done without irrelevant information such as their date of birth, address etc also being shared at the same time.”
Tink and Wealthify partner to automate payment initiation services
Digital investment platform Wealthify, a subsidiary of Aviva, has joined forces with open banking platform Tink, to
change the way its investors transfer money into their investment accounts. By embedding Tink’s payment initiation
service (PIS) technology in the Wealthify app, investors can seamlessly transfer an initial investment sum during the
onboarding process and make additional payments to top-up their accounts. Previously, this was a manual process
where people had to initiate the payment separately, by going to their own bank’s app or web service.
HM Revenue & Customs goes live with PAYE payments via OB, powered by Ecospend
HMRC has launched an open banking-enabled option for PAYE payments – tax paid directly from workers’ salaries. This
comes just weeks after HMRC introduced a ‘pay by bank account’ option for people making online self-assessment tax
returns. Soon, the department will be extending the open banking enabled payment option to corporation tax and
value-added tax. The goal is to make payments to government much simpler and safer.
HeyTrade taps TrueLayer for open banking integration to mobile investing app
HeyTrade, the Spanish startup is set to use open banking technology from TrueLayer to fund accounts for the release of
its mobile investing app. Investors at HeyTrade will be able to trade in over 700 UK, European, and US stocks and
exchange traded funds, with further markets and securities coming soon
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For further information, please contact: email@example.com
The Open Banking Implementation Entity (OBIE) is the entity set up by the CMA in 2016 to deliver open banking. Its trading name is Open Banking Limited.
The OBIE is governed by the CMA and funded by the CMA 9 (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, Natwest Group and Santander). Its works with the CMA 9, as well as challenger banks, financial technology companies, third party providers and consumer groups. The OBIE’s role is to:
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