Open Banking Excellence (OBE)

🗞 Latest Newsletter for your midweek read 🗞 As we wrap up the year, we'd like to take a moment to reflect and celebrate all the remarkable achievements of open banking in 2024. From the National Payments Vision to OBL announcing 21.68M total payments (+8.5%) , 2024 has been a year of opportunity, growth, and ambition. Subscribe to our newsletter to stay informed, inspired, and ahead of the curve. #OpenBanking #FinancialInnovation #FinTech #DigitalTransformation #FinancialInclusion #Section1033 #OpenFinance #MansionHouseSpeech #NationalPaymentsVision

The rise of Open Banking is reshaping the financial services landscape, encouraging innovation across the board. As incumbent banks leverage their resources to develop fintech solutions, the competition is heating up. This evolution brings both opportunities and challenges. While it drives innovation and customer-centric services, it also intensifies the competitive pressure on smaller fintechs, potentially pushing some to the margins. For fintechs, the key to thriving in this ecosystem will be agility, differentiation, and collaboration. By focusing on niche solutions and partnering strategically, smaller players can carve out their space in an increasingly competitive market. What does this mean for the future of fintech? #OpenBanking #FinTech #Innovation #Competition #FutureOfFinance

Effective coordination among stakeholders remains one of the key challenges in open banking as we work towards a truly integrated and competitive financial ecosystem. The National Payments Vision offers a beacon of hope, signalling the government’s commitment to advancing open finance. With 63 references to open banking in the report, the focus is now on defining clear regulatory responsibilities to position the UK as a global leader in open finance. If you could set a New Year’s resolution for the industry, what would it be? #OpenBanking #NationalPaymentsVision #Innovation #FinancialEcosystem #FinTech

New Episode - OBE Industry Insights! In this episode, leading industry experts come together to discuss one of the most critical innovations of our time: Universal Digital Identity. From its role in streamlining online experiences to enhancing security and fostering financial inclusion, the potential of UDI is huge. Key topics include: ⭐️The importance of digital ID for secure and efficient transactions. ⭐️Challenges facing the UK, including trust, interoperability, and adoption hurdles. ⭐️The role of Open Banking infrastructure in paving the way for digital identity solutions. ⭐️Insights into building a sustainable commercial model for digital identity. 🎙️ Join Mike Chambers, Stacey Wilkinson, Ross Pendergrast, Paula Sussex, Philip James as they tackle the critical question: Universal Digital Identity for the UK—myth or soon-to-be reality? Listen on Spotify now: https://lnkd.in/eTK-mDFw

💡 What’s the biggest benefit of VRPs in Open Banking? Variable Recurring Payments (VRPs) are revolutionising the way we manage payments, offering a range of benefits for businesses and consumers alike. But which advantage stands out most to you? 🔒 Greater control over payments – Stay in charge with real-time flexibility. 🛡️ Improved security and fraud protection – Keep your money safer than ever. ⚙️ Convenience and automation – Say goodbye to manual processes. 💸 Cost savings – Reduce fees and save more with every transaction. Vote now and join the conversation! Let’s explore how VRPs are shaping the future of Open Banking. #OpenBanking #VRP #FutureOfPayments #FinTech #Innovation

📣 New Episode - OBE Industry Insights! This episode dives deep into the pivotal role of the Joint Regulatory Oversight Committee (JROC) in driving open banking forward. With a clear roadmap and strategic vision, JROC is setting the stage for a sustainable, secure, and scalable open banking ecosystem. Key topics include: ⭐️JROC Roadmap: Exploring the next phase of Open Banking, with a focus on creating a sustainable, safe, and scalable ecosystem. ⭐️Variable Recurring Payments (VRPs): The future of payments innovation, from initial rollout to competing with traditional card payments. ⭐️Future Entity Planning: Designing the central body that will drive Open Banking forward and enable open finance for years to come Listen on Spotify: https://lnkd.in/eS6r-wCN Hear from Industry Leaders Henk Van Hulle Stephen Wright Jane Moore Kate Fitzgerald Kat Cloud NatWest Financial Conduct Authority Envestnet | Yodlee Open Banking Payment Systems Regulator

🌍 Breaking Down Barriers: Overcoming Interoperability Challenges in Global Markets As open banking and digital finance expand globally, a significant hurdle remains: the lack of interoperability between markets. This fragmentation creates inefficiencies, raises costs, and slows innovation. So, how do we overcome it? Enter ISO 20022, the international messaging standard designed to create a common financial language across borders. By enabling seamless communication between financial institutions, ISO 20022 simplifies transactions, improves data quality, and enhances efficiency. How does it solve the problem? ⭐️Standardisation: ISO 20022 provides a universal format for payments and financial messages, bridging the gaps between diverse systems. ⭐️Scalability: It supports complex transaction data, making it future-proof for evolving market needs. ⭐️Harmonisation: Promotes global alignment, reducing friction and fostering collaboration across regions. In a world that’s increasingly interconnected, aligning on standards like ISO 20022 is not just a solution—it's a necessity for driving financial inclusion, innovation, and growth. Watch full conversation: https://bit.ly/3DlsjFn Connie Blacklock Anu Widyalankara J.P. Morgan EY #GlobalFinance #ISO20022 #OpenBanking #Interoperability #FinancialInnovation

🎄 On the 12th day of Christmas, Open Banking gave to me… Collaboration and Community! At Open Banking Excellence, we know the power of collaboration and community in fuelling innovation. When great people come together, amazing things happen. That’s why we’re inviting you to join us around our Campfire on 16th January 2025 for the first industry gathering of the year. With Consumer Duty fines on the rise, staying ahead of the curve has never been more important. This is the event you really can’t afford to miss. Join us as we bring together thought leaders and innovators to spark bold ideas and unlock the potential of data sharing. 🔥 Our host Lord Chris Holmes will be joined by: 🌟 Mastercard 🌟 Financial Conduct Authority (FCA) 🌟 Moneyhub 🌟 Open Banking 🔗Register now! https://bit.ly/4goO4m0 Thank you for counting down the 12 days of Christmas with us, we wish you a very Happy Christmas.

🌟 Did you know, 83% of industry experts surveyed believe the U.S. has the skills to succeed in Open Banking? But what’s missing, and what’s next? Find out how your business can leverage the opportunities in the largest financial services market with projected growth of $35.79bn by 2031. Explore our What every CEO Needs to Know Chapter starting page 62, it does exactly what it says on the tin! https://lnkd.in/dZaE6V4r University of Oxford, Fidelity Investments and supported by British Embassy Washington, Department for Business and Trade and Financial Data Exchange (FDX). Consumer Financial Protection Bureau (CFPB) #OpenBanking #TransatlanticIndexUSA #CFPB #IndustryInsights

Join us for an evening where we explore the impact of understanding your customer data, the Data (Use and Access) Bill and of course, some delicious food and drinks to enjoy whilst you reconnect after the Christmas break. 🔥 Our host Lord Holmes will be joined by: 🌟 Mastercard 🌟 Financial Conduct Authority (FCA) 🌟 Moneyhub 🌟 Open Banking Don’t miss this opportunity to walk a mile in your customers’ shoes! 📅 Date: January 16th, 2025 🍸 17:30 Drinks reception 🔥 18:00 - 19:00 Campfire panel 🍴 19:00 - 20:00 Food, drinks, and networking 📍 Location: AON, The Leadenhall Building, London 🔗 Register now! https://lnkd.in/eSbX2F6z #OpenBanking #OpenData #ConsumerDuty #OpenFinance #FinancialInclusion