Nick Cabrera’s Post

Fantastic step in the right direction. What we need next: * Mandatory changes to information flows, especially around granular failure modes. How else should TPPs and merchants decide whether to retry or abandon payments? * Service design for cancelling in-flight payments. This is especially impt given the upcoming fraud regime change enabling slower payments. * A move to pushing information to TPPs and merchants: changes to payment statuses and long lived consents (especially VRP) come to mind.

The latest release of the Open Banking Standard ensures that v4.0 remains aligned with global standards, and provides a platform for improved information flows, benefiting consumers, businesses and ecosystem participants. Find out more >> https://lnkd.in/ec_2yJTm #OpenBankingStandard #OpenBanking #FAPI #ISO20022 #TechInnovation #Fintech #Innovation #DigitalInnovation Caroline Stretton | Nilixa Devlukia | Jack Wilson | TrueLayer | Open Finance Association

Today's #Fintectionary is here! Seamlessly integrating banking services, API banking empowers developers to build innovative financial applications on top of existing banking infrastructure. On this day in 1777, the Continental Congress adopted the Stars and Stripes as the official flag of the United States. Just as this flag unified a nation, API banking unifies various financial services, fostering a connected and innovative financial ecosystem. API banking is like the digital glue that binds diverse banking services, enabling seamless integration and innovation. #APIBanking #FintechInnovation #DigitalFinance #fintectionay #fintecterms #knowledge #fintech #paymentsindustry #wibmo

An excellent panel session moderated by Ellie Duncan wrapping up Day 1 of #OBExpo with Jim Wadsworth, Thomas Egner and Robert Sullivan looking at the challenges and opportunities facing the market under the proposed PSD3/PSR/FIDA package.   Some key take-outs:   💡 #PSD1 laid the foundations for cross-border; #PSD2 looked at innovation; #PSD3, the #PSR and #FIDA (the European Commission’s payment services and financial data access package) will build a stable environment for the ecosystem 💡 FIDA is to open finance what PSD2 was for open banking. It is ambitious in scope and will introduce a much broader licensing programme than PSD2 💡Where FIDA deviates from PSD2, is that it takes a scheme-based approach with data owners and data recipients having to join a scheme in order to participate 💡 Under the new FIDA proposals, data holders will be able to charge data users for access to data, but the development of these commercial models will be ‘for the good of the market’ 💡The UK and Europe are no longer leading the charge. They both now need to spend time building opportunities rather than waiting for the regulators to ‘instruct’ 💡Regulators play a difficult role balancing principles with prescriptiveness in order to fuel innovation 💡There is plenty of room for both financial institutions and fintechs to seize the opportunity, but this requires companies to be brave and to test ideas ahead of regulatory change 💡To be successful, there needs to be a level of #trust between the regulator and the regulated and a willingness of the regulator to listen to the market We're looking forward to coming back for more on Day 2! https://lnkd.in/eAXt5NJv #openbankingexpo #konsentus #paymentsinnovation

READ: Our 4 key takeaways from #Sibos2023 Now we are all back home and our feet have stopped aching, we’ve reflected on our key takeaways of the conference: 1) When it comes to payments, cash management and liquidity, concentrate on the now with an eye towards the future. 2) Banking is evolving at pace, and innovation continues to improve customer experience overall. 3) Regulation is still a nascent part of the sustainability landscape, but regulators are responding and are keen to help via industry collaboration. 4) Open Banking is key to unlocking the use of digital verification, enabling us to better meet customer needs at a point they want them to be met Visit our #Sibos hub and take a look at our insights and reports on payments, Open Banking, the latest innovations in banking – and much more https://lnkd.in/gdBsa3c2

Today, our colleague R. Andrew Gómez will be speaking at the Nacha Smarter Faster Payments conference about Open Banking! He will share insights on the role of Open Banking in payments. In a recent interview with Vixio Regulatory Intelligence, Andrew and other industry experts dive deep into the realm of open banking in the US, dissecting the recent proposal from the Consumer Financial Protection Bureau. 🔍 Discover more via this link and check out the article below: : https://lnkd.in/eimFpb_C 💬 Got any thoughts on the future of US open banking? Share your insights below! 👇 #OpenBanking #FinTechInsights #RegulatoryIntelligence #IndustryExperts #NACHA2024 #SmarterFasterPayments2024 #Paymentsinsights #openbankingNACHA 

Marion King, OBL Trustee, commented: "Last month, we published Open Banking Standard v4.0, the first major release for several years, which has been developed collaboratively with the entire ecosystem.   The Standard has laid the foundations for a thriving open banking ecosystem which benefits 9.79 million active users and is worth more than £4 billion to the UK economy. OBL will continue to maintain and update the Standard to ensure it is robust and able to support the future development of open banking.” Find out more > https://lnkd.in/ec_2yJTm #OpenBanking #OpenBankingStandard #TechInnovation #Fintech #Innovation #FAPI #ISO20022 #OpenBankingEcosystem

🌐🚀 Demystifying UETR: Enhancing Transparency in Swift Payments: 👉 In the ever-evolving landscape of international payments, the Unique End-to-end Transaction Reference (UETR) has emerged as a pivotal element, providing transparency, efficiency, and end-to-end tracking within the Swift ecosystem. What is a UETR? 👉 A UETR, comprising 36 unique characters, is an integral part of all Swift payment instruction messages. 👉 It serves as a distinctive identifier, comparable to a courier tracking number, offering complete transparency throughout the intricate web of the payment chain. Why are UETRs Important? 👉 In the era of digital banking, UETRs provide clear, accurate, and real-time payment information. 👉 End-to-End Tracking: UETRs enable end-to-end tracking of international payments, meeting the growing demands for transparency. 👉 Visibility in Delays: Beneficiaries can quickly identify the status and reasons for payment delays, reducing the need for manual interventions and friction in the payment process. 👉 Reduced Exceptions: For beneficiary banks, UETRs drastically reduce exceptions and investigations, fostering smoother collaboration and more efficient resolution of payment-related issues. In essence, UETRs drive a seamless, transparent, and customer-centric international payment ecosystem #UETR #SwiftPayments

🇬🇧 As it marks its six-year anniversary, how far has the UK’s Open Banking implementation come along in that time? And what will the next six years hold? Open Banking Expo asked a selection of industry experts and commentators including Raidiam’s own Ecosystems Development Director, David Beardmore. Read their thoughts here: https://lnkd.in/eKabJp7G #OpenBanking #OpenFinance #OpenData #DataEcosystem #Fintech

We are delighted to launch v4.0 of the Open Banking Standard which has been developed in collaboration with the ecosystem. Updates will support the future development of #OpenBanking and deliver further benefits to end-users. Find out more >> https://lnkd.in/ec_2yJTm #OpenBankingStandard #FAPI #ISO20022 #TechInnovation #Fintech #Innovation #DigitalInnovation