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Arshad Noor

Arshad Noor

  Does the CMA not have the authority to fine such companies for violations? If it does not, then the situation will never improve. I suggest looking at the US' Consumer Finance Protection Bureau (CFPB)  - setup during the Obama administration - as an example of some good work they are performing. According to their websites, they were responsible for getting $20B returned to consumers of the life of the agency (probably around 10 years now).
A Finextra Member

A Finextra member

  Quelle surprise; shame the CMA can't look at how HSBC failed to communicate 'clawback' to it's own staff, many now struggling as they see their bank pension reduced when they reach state pension age.... 
Enrico Camerinelli

Enrico Camerinelli

  UniCredit's acquisition of Vodeno and Aion Bank marks a significant shift in embedded finance. This move brings in-house a suite of Banking-as-a-Service products and 200 skilled professionals, positioning UniCredit to offer tailored financial solutions and strengthen customer relationships. It reflects a broader trend of banks becoming comprehensive embedded finance providers, responding to fintech challenges by controlling key technological platforms. This strategy allows for greater innovation, flexibility, and client intimacy. Further analysis and details are available here 
Jeremy Light

Jeremy Light

  The OBL website shows (for June 2024) 6.1m payments users and 5.17m account information users, presumably about 1m users use both. These figures respectively were 2.15m and 4.2m users in June last year, so payments is the main driver of OB user growth. While the 10m user milestone is a great one to highlight, what really matters is usage. Payment txns are increasing each month, but the payments per user has been stuck for over two years at 2 - 3 per month. For account information, no usage stats are published other than API calls, perhaps a metric such as data megabytes/month would be useful? However, although open banking is supposed to be about data, the growth story shows it is more about payments than data and that increasing the payments per user through increasing business acceptance of OB payments is the main challenge for OBL.

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