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UK Finance Calls for New Open Banking Standards

The UK should develop new standards for open banking, according to a new report on open banking payments released by the trade association UK Finance.

“There are now more than 2.5 million open banking payments per month, compared to just 320,000 in all of 2018, and the report’s recommendations will help support the development of more products and services for consumers,” the group wrote.

The report, released on Monday (November 22), offers two key recommendations. The first is the “further development of payment standards for open banking”, supported by industry governance and a related technical group. “This should be considered following the CMA’s decision on open banking governance and a successor to the Open Banking Implementation Entity,” the report said.

The report also recommends a “multilateral industry framework” that sets out different roles, responsibilities and liabilities for different market participants. Without this voluntary framework there could be market fragmentation, says UK Finance.

Read more: UK Bank Lobby Group: Fraud Threatens National Security

The report points to the growth of open banking e-commerce payments and that the use of variable recurring payments (VRP) could one day extend open banking to subscription payments and give customers more choice about how they pay, while also providing an alternative. offers for card-based payments.

UK Finance says it recently supported a VRP hackathon illustrating use cases for such open banking payments, such as pre-authorizing spending to prevent kids from overspending on in-game purchases or helping small businesses make payments faster. to collect.

“The shared vision for open banking payments is to give customers and merchants greater choice in how payments are made and received,” said Jana Mackintosh, director of payments and innovation at UK Finance. “The recent VRP hackathon demonstrated new and innovative ways in which open banking payments can be used to make it easier to pay taxes, make game payments and shop online. Open banking has an exciting future and the payments industry is working together to think about how to improve the market for customers and merchants.”

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NEW PYMNTS DATA: THE 2021 HOLIDAY HOMES

As regards: It’s almost time for Christmas shopping season, and nearly 90% of U.S. consumers plan to make at least some of their purchases online — 13% more than in 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed more than 3,600 consumers to learn what is driving online sales this holiday season and the impact of product availability and personalized rewards on seller preference.

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