UK banking experts urge reframing digital ID as everyday convenience

Federal Court Halts CFPB’s Open Banking Rule — What It Means for Fintech and Banks A major regulatory shift is underway in the U.S. financial sector. A federal court has blocked the Consumer Financial Protection Bureau’s (CFPB) open banking rule, suspending its enforcement until a revised version is reviewed and finalized. The ruling halts the rollout of a national data-sharing framework — a move that was designed to give consumers more control over their financial data and allow fintechs to securely access it. Here’s what it means: - For banks: Temporary relief from complex compliance readiness. - For fintechs: Another delay in standardized data access. - For consumers: Continued reliance on outdated “screen scraping” for financial apps. The injunction highlights a deeper tension in U.S. fintech policy — innovation versus regulation. While open banking thrives under PSD2 in Europe, the U.S. still struggles to find balance between data freedom and data security. 📖 Read the full story on https://lnkd.in/gFQSRfwZ to understand how this ruling may reshape the next phase of open banking in the U.S. #OpenBanking #Fintech #DigitalBanking #RegTech #FinancialInnovation #DataSharing #ConsumerFinance #TheFinRate

Open Banking Strengthens America’s Leadership in Financial Technology “We cannot empower the opponents of digital assets to rewrite the rules in their favor, stifle innovation, and increase costs. Throwing up barriers would drive entrepreneurs overseas and weaken America’s leadership in financial technology.” Senate Banking Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY) sent a letter to the Consumer Financial Protection Bureau (CFPB) expressing strong support for the agency’s open banking rule and urging that it remain intact. Open banking, mandated by section 1033 of the Dodd-Frank Act, requires that consumers have access to and ownership of their own financial data. The rule would enable consumers to securely share their banking information with financial technology companies, digital asset exchanges, and other third-party service providers of their choosing. Without clear open banking rules, large banks could restrict consumer access to digital asset platforms and other innovative financial services for political reasons. Read More: https://lnkd.in/gZ9vtNYN #openbanking #finance #technology #innovation

Today in Open Banker, an op-ed on open banking! Linda Jeng digs into the thorny question of how regulators should think about M&A in a world where open data suddenly makes proprietary data even more valuable: https://lnkd.in/ee8Mzede

Open banking gives consumers the right to securely connect their bank accounts to the financial apps and services they choose. By enabling safe, permission-based data sharing, it fuels innovation and expands choice. At #DCFintechWeek, Spring Labs’ John Sun emphasized that when large banks maintain exclusive control over consumer data, it stifles innovation and limits access to better, more affordable financial tools. In conversation with FTA’s Penny Lee, Leah Price (Better), Kabir Kumar (Flourish Ventures), and Amias Gerety (QED Investors), the discussion reinforced open banking’s critical role in creating a more competitive and consumer-focused financial ecosystem. #OpenBanking The Fintech Foundation Watch the clip → https://lnkd.in/ej5QnJQW 

Even as regulations shift, the momentum toward open banking hasn’t slowed. For community banks, the opportunity and urgency remain clear: use data to anticipate needs, personalize experiences, and stay connected to customers’ daily lives. In this article from Banking Exchange, Shanda Purcell (Director of Open Banking, CSI) explores how institutions can move forward confidently amid regulatory uncertainty, building the data infrastructure and partnerships that turn open banking into a lasting competitive advantage. https://bit.ly/4nWGOBX

At FinCrime360 this week, The Payments Association unveiled new research which revealed a striking paradox in open banking..... Optimism is high: 50% of respondents believe that industry can design out financial crime. Open banking leads the charge, top scoring at 4.25 on the optimism scale. Merchants, scarred by past losses, sit at the bottom with a cautious 2.33. But confidence in regulation has dropped substantially: just 54% believe current fraud regulations are fit for purpose - down from 86% two years ago. So, firms realise they need to take matters into their own hands: 84% are deploying multiple fraud strategies. Card-based businesses - both seasoned and scarred - are using four. Open banking players? Just 2.5... And that's the paradox: the most optimistic segment, open banking, is doing the least to operationalise that optimism. Designing out financial crime in open banking and open finance takes more than belief. It takes layered, adaptive defence. It takes Invela. #OpenBanking #OpenFinance #FinancialCrime #FraudPrevention #RiskManagement #OpenFinanceRiskManagement

American Fintech Council defends open banking rights: The American Fintech Council has urged the CFPB to uphold fee prohibitions and preserve consumer access to financial data.

Efficiency is the top priority for UK banks. Our latest industry survey found that 82% of banking professionals rank operational efficiency as their number one organisational goal. Yet outdated workflows, particularly in audit confirmations, continue to slow progress: 📬 11% of time is still spent on postal confirmations 📧 48% on email, the least secure and most time-consuming method ✅ Only 34% use digital platforms like Confirmation In partnership with UK Finance, we’ve published a new blog exploring the challenges and opportunities facing the sector — from automation and APIs to the urgent need for digital transformation. 👉 Read the blog: https://okt.to/2P3aeb Discover how your peers are responding to this year pressures. #Banks #financialservices #bankingoperations #digitaltransformation #Auditconfirmation #Fintech

The Future of International Private Banking in 2026 - Newstrail: The transformation reduced regulatory reporting times by 60 percent and improved client satisfaction through secure digital interfaces. Case Study ... #regulatoryreporting #regulation #finperform