Welcome to our weekly news roundup featuring our edit of some interesting articles and news in the world of Open Banking this week. Want to get this sent straight to your inbox? Please click here.
Scottish fintechs urged to take advantage of £200m co-investment program from Scottish Enterprise - via The Scotsman
The Scottish-European Growth Co-Investment Programme (SEGCP) leverages private sector investment and is aimed at SMEs (small and medium sized enterprises) and mature start-ups that are keen to reach the next level of growth. Read the full article here: https://hubs.ly/H0fRcwH0
Open banking enabler @Plaid completes $250m funding round - via TechCrunch
Just five years from emerging, the infrastructure start-up that enables interaction with online bank accounts via third party apps is now valued at $2.65 billion. The founders spotted a need for infrastructure tools that can connect a company’s app to a bank account without each company having to hire in their own team of development engineers.
Small business lender iwoca adds open banking connections with Barclays and HSBC
- via The Independent
iwoca’s SME business clients who bank with Barclays, HSBC, and Lloyds (previously announced) can now easily access up to five years of transaction history to support their loan and credit applications.
Trust and digital identification in an open banking world - EY via International Banker
Interesting walk-through of the challenges of digital identification and the need for change as part of Open Banking. The authors propose considering digital identification as a solution, based on establishing trust networks.
Interaction between PSD2 standards and e-ID rules clarified
- by Pinsent Masons
Useful article. Synopsis: Technical security specifications written into regulation must be flexible enough to avoid undermining the long-tern security of open banking and broader open finance developments as technology evolves.
5 lessons for SME banking - using open banking to save time and more - by BankiFi
Nicely written and interesting blog touching on what the modern SME wants and how to design propositions with them in mind. Using a recent Bain report to provide some stats, the author, Conny Dorrestijn, nods gently at lessons from BigTech...
Open banking adds intelligence to treasury management @Trovata_io - via PYMNTS
“The friction associated with manually downloading data across banking and financial platforms, and then having to normalize it to make it usable, presents a significant opportunity for open banking initiatives and APIs in the corporate cash management space.”