Tag Archives: open banking

News

1 in 5 people feel Open Banking is secure

Open Banking platforms still have a way to go to convince the public of their superior safety despite 1 in 5 feeling this form of online transaction is secure, according to I-Finity’s 2024 Open Banking survey.

Open Banking is not only safe and secure, but also faster and more efficient than regular online banking methods.

But many people are still concerned over the security of Open Banking suggesting that the public need more education on the topic.

Open Banking survey: the findings

I-Finity – a highly-experienced digital solutions company – surveyed 200 people who had used or currently use banking apps to find the public’s views on Open Banking security.

The results showed:

  • Only 1 in 10 felt Open Banking was not secure, with 23% feeling it was. 67% were unsure.
  • Just 46% of people were aware of Open Banking.
  • 36% of people would be unhappy to give personal data to an Open Banking app or platform.
  • 47% were unsure of whether they would give personal data, with just 18% certain they would be happy doing so.
  • Bank details being stolen was the biggest concern around Open Banking. with 20% choosing this option.
  • 18% felt the site might be a scam or phishing site.

While the survey highlights there is some reluctance by the public to adopt Open Banking, it also suggests education around the topic would be beneficial.

Like most new technologies – especially ones that involve personal data and money – there has been some scepticism around Open Banking’s security. But most of this is unfounded.

Russ Huntington, CTO of I-Finity, said: “The reality is that open banking is very secure. In fact, it’s more secure than traditional banking. But as with many financial products, everyday users can be a little wary.

“But with Open Banking you need to use secure data-sharing practices, such as using APIs and encryption, to ensure that customer data is protected.

“The connection between apps and Open Banking is also encrypted, which helps to keep data safe. Consumers need more education on how safe this form of banking integration is.”

Open Banking is highly regulated

The Financial Conduct Authority (FCA) makes sure that all open banking apps and APIs are regulated.

They create the standards that all third-party providers have to adhere to if they want open banking as part of their solution/environment.

Russ added: “Accessing Open Banking APIs is only possible for apps that have been through an independent audit to prove the systems and security controls meet the standards of the FCA.”

News

Clear Junction announces a new service for open banking vendors

  • Clear Junction announces a new service based on the use of e-wallets for merchants.
  • New service is a one-stop-shop solution that minimises the onboarding and integration effort required.
  • Combined solution is expected to further fuel the adoption of open banking.

11th May 2022: Clear Junction has today announced the introduction of a new e-wallet solution that will enable open banking providers to overcome some of the challenges they face when going to market.

Clear Junction has been working on a new and improved e-wallet solution that adds value to open banking providers. Payment Initiation Service (PIS) licences tend to be very specific and do not enable providers to hold merchant funds. This means that merchants need to strike an agreement with an open banking provider and a separate arrangement with a bank or a payment service provider.

However, with Clear Junction’s new e-wallets for merchants, open banking providers partnered and integrated with Clear Junction can approach merchants and simultaneously offer them open banking technology and settlement and collection accounts. Thus, their customers can benefit from a one-stop-shop solution which minimises the onboarding and integration effort required.

HOW THE NEW SERVICE WORKS

Clear Junction provides open banking providers with a master e-wallet through which they can generate sub e-wallets for each of their merchants. The merchants can send and receive payments in and out of their e-wallets (which are held and operated by Clear Junction and integrated into the open banking provider’s platform).

These e-wallets are connected to both Faster Payments and SEPA Instant payment rails meaning GBP and EUR payments are collected and reconciled instantaneously. It serves as a complete solution that significantly enhances the customer offering of open banking providers; not only is the process quicker for them, it is quicker for their customers, making their offering more attractive with the minimum of fuss. This additional workflow efficiency is expected to further increase the competitiveness of open banking compared to card acquiring.

“As a firm focused on providing services for banks and financial institutions, we are delighted to announce this new product for open banking vendors,” explains Berivan Demir, Product & Banking Relationship Director at Clear Junction. “The recent fee increase announced by Visa and MasterCard further emphasises the importance of open banking as the alternative for global merchants. Through our new e-wallet offering, open banking providers are able to enhance their customer offering, making the entire process of sending and receiving funds quick and easy. Our roadmap includes implementation of localised IBANs across major European countries to streamline the local PIS collections very soon.”

To find out more about accessing the master e-wallet service for open banking providers, please contact our team by emailing solutions@clearjunction.com

News

KashFlow and Yapily partner to support SMEs with digital bookkeeping and cash flow management

KashFlow, by IRIS Software Group, is today announcing it is working with leading enterprise connectivity platform Yapily. The partnership will enable KashFlow customers to gain real-time insight into their cash flow and provide them with a frictionless end-to-end bookkeeping service.

Running a small business is complicated, even before adding the effects of Covid-19 and Brexit into the mix. Business leaders need to be more flexible and adaptable than ever before. Not only enabling their staff to work flexibly, but also in terms of ensuring the critical, but often mundane, aspects of running a business are properly managed during these difficult times. The time for manual bookkeeping processes has gone.

Through partnering with Yapily, KashFlow customers can connect and extract account information all from within the KashFlow portal – providing them with one single source of truth about their business’ financial health. This removes the friction and inefficiencies involved with manual bookkeeping and provides customers with the insight they need to move forward with confidence into the year ahead.

Typically, bookkeeping has been a manual, tedious, but essential, task for business owners.The integration of Yapily’s open banking API enables KashFlow to improve its SME customers’ experience by removing the friction, which speeds up critical processes such as invoicing, reconciliation and payroll. With these critical, but historically complicated, tasks taken care of, business owners are free to focus on what they do best – growing their business.

JF Sullivan, Chief Product Officer for IRIS Software Group says, “By partnering with Yapily, our customers now have a far more efficient and secure way to manage their cash flow – which is of utmost importance in this current landscape of uncertainty.

“Yapily’s core infrastructure means KashFlow customers can now control their controllables with ease. Getting a single source of truth about their financial health so they know best how to prepare for what’s ahead. They can now move forward with confidence – and thrive – in the next normal.”

Stefano Vaccino, Chief Executive Officer for Yapily says, “Leveraging our technical expertise, we’ve been able to provide KashFlow’s customers – a large number of which are SMEs, critical to the UK economy’s recovery – with a better customer experience and crucial insight into their financial positions. Something that is needed now more than ever with the UK in a second national lockdown.

“Through partnering with KashFlow, we’re continuing our mission to expand the reach of open banking and bring its benefits to all small businesses. We believe open banking enables fairer and better financial services for everyone. We look forward to developing our partnership with KashFlow and IRIS Software Group to fuel greater financial accessibility for their customers.”

KashFlow, by IRIS Software Group, is an innovative online bookkeeping and payroll solution. It provides intuitive cloud-based accounting software for accountancy firms and SMEs, saving business owners both time and effort by letting them manage accounts anytime, anywhere.

The new collaboration further consolidates Yapily’s position as the backbone of open banking and the infrastructure that partners need to take advantage of its benefits.