The latest twist in the ongoing row between banks and fintech companies over the future of customer data sharing under the revised Payment Services Directive (PSD2) comes courtesy of the European Banking Authority, which has rejected a proposed amendment to the rules from the European Commission that would have allowed for the continuation of screen scraping.
Rabobank chairman of the executive board Wiebe Draijer has given an insight into his vision for the future of banking in the fintech age, arguing that providing knowledge and access to networks, not products, will be what drives his industry.
California-based InvestCloud is opening a fintech incubator and accelerator in London, inviting firms to take advantage of its platform in developing digital wealth management tools.
Ingenico has led a seed funding round for Californian conversational commerce outfit Joinedapp.
Visa is set to buy a stake in Klarna as part of a planned strategic partnership with the Swedish payments firm focussed on pushing online and mobile commerce in Europe.
Spanish personal finance management app Fintonic has raised EUR25 million in a funding round joined by ING Group and insurance outfit PSN.
Consumer uptake of innovative fintech products is set to be embraced by the mainstream as adoption levels surge among digitally-savvy consumers, according to a study by Ernst & Young.
Trade groups representing over 5000 European savings and co-operative banks have called on the European Banking Authority to reject Commission amendments to the revised Payment Services Directive which would require banks to provide a fall-back interface to screen-scraping technology for third party access to consumer bank data.
UK challenger Starling Bank is preparing to expand into Europe, launching its first euro-denominated current account in Ireland.
App-only Starling Bank is giving customers a sneak peak at its product plans over the coming year, with support for Apple Pay and Android Pay, joint accounts, goal-based savings features and additional mobile-controlled card security options on the way.
© Finextra Research 2017