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Thanks for the article! VRPs are clearly an important feature for expanding Open Banking payments. How do you see the financial institutions being able to monetize these payments to make provisioning the infrastructure, and setting up operational frameworks profitable?

Is it a case of biting the hand that feeds you? Doesn't Block make much of its revenue from a portion of the interchange? And wouldn't a cap or reduction of interchange directly impact payment volume and their share of it?

It is about time - if a $3T market cap market in Crypto involving 40M Americans isn't ripe for government oversight, I'm not sure what is.

Hi Jeremy, Thanks for your thoughtful comment. Are you able to share the references for the data your shared regarding open banking?

It is time for the governments to step in and smooth the road to moving away from cash rather than fighting the almost certain long term trend.

This is very cool! Are any other banks in Singapore or other regions considering the same?

Agreed. The headline although not inaccurate is misleading. It is normal for banks (or any firm) to experiment with feature packaging. Although Mint.com and its contemporary apps singlehandedly drove the race to the bottom for account aggregation, it is an incredibly valuable feature, and worth $$ if delivered with high quality. Just ask the diehard Quicken users who continue to pay even while there are free alternatives out there. :)

Does the use of TRA remove the chargeback obligation from the merchant? The transactions that wouldn't have happened under SCA but are flagged by Barclays as low risk and hence allowed may in some cases be truly fraudulent. Who bears the chargeback risk in those cases?

Protection of customer funds with reserves to handle chargebacks and returns should have been a day 1 imperative. I'm curious as to what additional regulations will come out of this.

Thanks Ketharaman! You're right - scraping on the surface seems the most efficient. However, it is not sustainable from data control, user experience, and security perspectives. APIs seem more difficult but that will change  to an easier and better option with increased standardization and availability of toolsets as industry gains more experience.