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"There are 5 million users of EU Open Banking in a population of nearly 450 million people, and 80 million users of US Open Finance in a population of 330 million people." ~ Open Banking: EU v. USA.

Doesn't sound like US banks have restricted account access as you claim?

The regulator was probably asleep at the watch for 10+ years but the forces of free market capitalism have forged ahead with Open Banking / Open Finance in USA at least since MINT launched its PFM website 15 years ago.   

CFPB, not CFBP. You might want to correct the typo on the heading of your post.

Article mentions "between their accounts" many times. Can someone confirm that these accounts can be at different banks? Or is VRP restricted to multiple accounts within the same bank?

When I was in UK, my bank did not support either whereas banks in India have been supporting the latter for decades (but, AFAIK, still don't support the former.)

I'd once raised the question of liability of TELCO, Power Utility, et al in APP Scams. Not sure whether banks were inspired by my thoughts or whatever but I totally endorse their going after other parties that are equaly involved in APP Scam.

Automobile company can't be held liable for selling the robbery getaway car. Payee bank can't be held liable for opening the alleged scammer's account.

KYC is not Character Certificate. Banks can't deny accounts even to convicted scammers. How can they be expected to deny account to alleged scammer?

Payor is totally responsible for APP Scam, particularly if s/he ignored a Confirmation of Payee red flag while initiating the payment. Of course, depending on their jurisdiction, they might be eligible to seek redress from law enforcement.

Nice to see the headline corrected. I was wondering how an investment in "millions of dollars" could yield 2 billion dollars worth of stake! Even by Ponzi Crypto standard, that's a bit too mucht!!

Grewal v. Grewal. Not since Kramer versus Kramer have I come across the plaintiff and defendant with the same name. Since the movie about divorce case, same surname was a given.

Given the identical last names, Finextra might want to use full names while attributing quotes to the two Grewals. The last one, attributed to Grewel (sic), will particularly benefit from the full name.  

While selling COTS software to various industries, I've observed that the banking industry typically demands more extensions, customizations and interfaces (ECI) than most other industries.

In both onprem and SAAS models, product owner advocates against ECI.

That doesn't matter much in onprem model, where there are any number of third party service providers (including some of my ex-employers) who gladly do the ECI work e.g. Accenture, TCS, Wipro, et al. 

But in SAAS model, especially multitenanted SAAS, the product owner has much tighter control over the codebase and third party service providers reportedly can't do much ECI. 

Now, onprem or SAAS, banks are banks and cannot live without ECI, so it makes sense that they'd resort to BUILD rather than BUY in the SAAS world of today.

That said, even in the onprem world, while small and medium banks adopted BUY, large banks have typically resorted to BUILD in Trade Finance, Cash Management, Treasury Management and other areas of Commercial Banking. As testimony, many large banks still run very old homegrown COBOL legacy systems even today. Also, there are large banks who bought COTS software in their emerging market subsidiaries but built custom solutions for their HQ and subsidiaries in developed markets. 

I'm guessing Apple Pay will countersue Google Pay, Samsung Pay, et al for taking a mirror and offering essentially identical functionality as Apple Pay on Android devices:)

"AWS has changed prices 60 times since its launch in 2006. It introduced 20 new top-level services last year alone." ~ McKinsey.

Anecdotally, we keep hearing about sudden spikes in AWS bills from one month to another. 

I reckon fintechs can find a lot of cost savings in their AWS utilization rates hidden in plain sight.

LOL at the height of alternative payments boom some 8-10 years ago, I remember an article on these pages examining the optimum number of method of payments on ecommerce checkout pages.

If I search hard enough, I might be able to find my comment but, memory serves, I'd said that etailers and their consumers are used to navigating way more number of SKUs before reaching checkout page and won't be deterred by muliple MOPs on the checkout page. Accordingly, I predicted that merchants would keep addding MOPs instead of trying to optimize their count. 

Subsequent studies have shown that merchants believe that every additional MOP provides some sales lift.

In India, some streetside vendors have more MOPs than SKUs! 

"Traditional brick and mortar banks are slowly but surely becoming a thing of the past." 

LOL this sounds like a time warp after traditional banks celebrated one of their most profitable years of existence last year. 

I've been using Internet Banking for 20+ years. Still many of my banks are adding branches. 

So much for the prediction of death of traditional banks with branches.

Let me not even bring up the subject of the number of digital only / neobanks who have shuttered down during this period.