A Zurich-based fintech firm has raised additional money to value the company at more than $1 billion as it prepares to expand outside its main market of Germany. Numbrs Personal Finance raised $40 million to bring the total capital invested to almost $200 million. Numbrs offers an app that enables users to manage their existing bank accounts in one place and to buy financial products. „We have recently raised an […]
By Tomas Prochazka, VP of Product, Tink Banking is facing its biggest remake in history. Technological developments, changing consumer expectations and new regulations are forcing the industry to open up. The EU commission’s PSD2 is ushering in the era of open banking by allowing new entrants access to customers’ financial data. Its ambition is to level the playing field in the industry so that more companies can offer consumers greater transparency […]
The Central Bank of Ireland (CBI) has followed the lead of the Bank of England and announced a delay to the roll out of Strong Customer Authentication (SCA) rules. National regulators have been given additional leeway by the European Banking Authority to extend the September deadline for the introduction of the new rules in order to give firms more time to prepare. E-commerce businesses have warned that more than a quarter of […]
The UK’s Financial Conduct Authority is set to delay enforcement of PSD2’s SCA by more than 18 months, after warnings that the rules would threat online sales, according to Financial Times. New “strong customer authentication” rules, which will require most online payments to go through an extra level of verification to reduce fraud, are due to be introduced in September, but industry groups said that a lack of preparedness would make […]
In accordance with the decisions taken at European level, the Bank of Italy has decided to provide the Italian financial industry additional time to complete the adjustments required by law concerning the security of card-based online payments. The second Payment Services Directive (PSD2) and the related regulatory technical standards set 14 September 2019 as the deadline for the mandatory adoption by banks and other payment service providers of strong customer […]
Scheduled for November 25 and 26 at the Athenee Palace Hilton in Bucharest, the second edition of the International Fintech Conference Banking 4.0 set its priorities during the first meeting of the Advisory Board. Most of these priorities are innovations for events in this business category – fintech. As the conference focuses on emerging technologies that will change the financial-banking industry (AI, biometrics, blockchain, machine learning, Robotic Process Automation), this […]
The European Banking Authority (EBA) published clarifications to a fourth set of issues that had been raised by participants of its Working Group (WG) on APIs under PSD2. The clarifications respond to issues raised on the confirmation of payment execution, biometrics and authentication on mobile apps, access to non-payment account information, stress testing, qualified eIDAS certificates for Account Servicing Payment Service Providers (ASPSPs), the 4 times per day access by […]
The European trade association (EPSM) fears that the uncoordinated delegation of the migration plan responsibilities to national competent authorities will lead to a very heterogeneous situation within the European Union. Therefore, EPSM recommends that „all regions should agree an additional timeframe of 18 months for standard applications, as well as up to 36 months for challenging applications, such as those in the travel and hospitality sector.”, according to a press release. […]
Most institutions are adapting their business models to cope with the competitive pressure and embrace PSD2 changes, while some of them may in parallel embrace the positive impact of FinTech. In the medium to long term, a number of factors will define the transformation of institutions’ business models: (i) the progress of Open Banking and APIs, facilitated partially by PSD2, (ii) the level of implementation of innovative technologies and (iii) […]
Could the poor quality of bank APIs put the success of PSD2 in jeopardy? A Tink analysis finds that none of the tested bank APIs released by the penultimate 14th June deadline meet the quality requirements laid out by PSD2 regulators – potentially creating a “cliff edge” scenario in September that compromises the financial services for millions of consumers. As a third party with a PSD2 license, we’re required to use all […]