Mike Truter

🟧🟩🟦 Open Banking: Fueling the Future of UK Public Services 🚀 Open banking is gaining serious momentum in the UK public sector! 🏦 🟠CCS DPS: The Crown Commercial Service launched a Dynamic Purchasing System (DPS) to boost open banking adoption. 🟢Industry Optimism: Fintech leaders like Innovate Finance and TrueLayer are bullish about the DPS accelerating public sector use. 🔵Benefits Galore: Open banking can cut costs, reduce fraud, and improve user experiences for citizens. 🟠Data Power: The upcoming DISD Bill could unlock even more potential for innovative public services. 🟢HMRC Success: HMRC's use of open banking has paved the way for other government departments. 🔵10 Million Users: Over 10 million people are already benefiting from open banking in the UK! 🤯 Let's make open banking the cornerstone of efficient and accessible public services. #OpenBanking #Fintech #UKTech #DigitalGovernment #PublicSector #RokaSearch

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A welcome easter egg 🥚 in today's Bank of England piece on innovation in money and payments, is confirmation that the new Government 👉 will 👈 take forward the National Payments Vision 🛣 That's another tick in the box ✅ for open banking payments, after the Government also brought back the Smart Data Bill, key for underpinning open banking standards. Now if only we could see some progress on VRP from the Payment Systems Regulator and acknowledgment of the risk APP fraud rules pose to growth in the payment sector... Read our piece on the National Payments Vision: https://lnkd.in/eTTiGwNR The Bank of England's Approach to innovation in money and payments: https://lnkd.in/eiFKmxTE #progress #growth #payments #openbanking

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OBL has published Open Banking Standard v4.0 to assure future ecosystem growth. This is the first major release since 2018 and includes important mandatory updates to the security profile and widely recognized international messaging standards (ISO 20022). The release also includes optional updates to improve information flows (payment status and error messaging). Key changes in v4.0 Uplift from FAPI 1.0 Implements Draft 2 (to be fully deprecated by the end of 2024) to FAPI 1.0 Advanced Final – a mandatory implementation requirement. Key changes to align with ISO 20022, including fields required to meet Bank of England CHAPS requirements from 1 May 2025 – mandatory implementation requirement where marked. Improved information flows to facilitate provision of timely, definitive payment statuses and clear and consistent error messages – optional implementation requirement. https://lnkd.in/gpEnPxD4 Mahmoud AbuEbeid Biju Suresh-Babu Saleem Ahmed #payments #banking #data #openbanking #iso20022

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Thank you FCA Innovation and City of London Corporation for organising Authorised Push Payment (APP) Fraud Synthetic Data Showcase at Guildhall. It was great to compare notes with fellow financial services colleagues and share how syntatic data is and will be used at Kroo Bank. A couple of take aways: - Regulators play enormously positive role in promoting the use of synthetic data and data sharing across the industry. - Fraud is a systemic, cross firm and cross industry problem. We need to collaborate and build foundational controls that focus on benefiting our customers. Regulators should encourage firms to participate in data sharing and synthetic datasets validation - Currently available data sets are certainly useful for model validation. - Just focusing on controlling the fraud at the point of payment is inherently limited, we need a more holistic view covering telecom and marketplaces to be able to detect fraud without introducing significant friction to payment flows

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America's digital banking landscape - I realised today that I’ve talked lots and lots about Asia, Africa, Europe and the South Americas banking, fintech and digital state. But I haven’t written much about the USA. So, today’s the day! With a colossal $176 trillion in Household Financial Assets and $128.5 trillion in non-cash payments, the U.S. banking https://lnkd.in/eqnEfHgs

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Interesting update from UK Finance that shows over a third of UK consumer payments are now contactless. Here are the key figures for 2023 The total number of payments made in the UK increased by five per cent to 48.1 billion  Almost four out of ten (38 per cent) of all payments made in the UK during 2023 were contactless One third of UK adults were using mobile contactless payments at least once a month The number of cash payments fell to six billion, with cash representing 12 per cent of all payments made in the UK Faster Payments overtook Direct Debit to become the third most used payment type in the UK in 2023 

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75% of Banks & FIs admit they need to modernise their core systems A new Retail Banking Report explores financial institutions’ (FIs) strategies for meeting customer demand, and uncovers that the majority (75%) are struggling to take advantage of new payment offerings and stronger cybersecurity because their core systems haven’t been modernised. Even though over half of the FIs have moved their core systems to the cloud, the responses reveal problems implementing, scaling, or managing them. https://lnkd.in/ejYbrhv4

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