The first generally useful application of Open Banking is here in the UK. While it will be some time yet before it gets much use, new organisations soon will be able to initiate payments between bank accounts on a consumer’s behalf. This creates a new layer between consumers and banks, hopefully spawning novel ideas and services. Moving the centre...
25 March 2018 Trends in Financial Services
I went to see the new Star Wars film recently. At the time, I had Open Banking on my mind. I was thinking about its effects on Direct Debit, as the two could easily seem to conflict in a galactic, well UK-wide, struggle. It made me think back to the original films and ask myself: is Open Banking Vader to Direct Debit’s Obi Wan Kenobi? And, will Di...
20 January 2018 Open Banking
Thanks for the thoughful clarifications Jeremy. In the NPA reports, Direct Debit is indeed both confusing and unclear. That kind of payment system was not really part of the design, but from listening to NPA discussions, it does seem that they are (begrudgingly?) looking for the best way to merge it. My use of "push" and "pull" here is perhaps oversimplistic for a strict reading - I'm bypassing the detail of the NPA to just think about who initiates/controls/drives the particular payment. There's a lot of interesting material in the new architectures, and I think there's a huge amount for end users to get excited about.
02 Feb 2018 23:45 Read comment
Roland BrownCIO at RBSI
Angela DonohoeCIO at BPAY Group
Rick GoudCIO at Zivver
Mike TrkayCIO at FICO
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