A man is seen withdrawing cash from HSBC Bank on October 28, 2020 in Stoke, England. Open banking is gaining traction in the United Kingdom, inspiring new tools to address fraud risk. (Photo by Nathan Stirk/Getty Images)
A quasi-governmental entity in the United Kingdom is rolling out a new tool designed to boost fraud protections among open banking partners, offering an interesting lesson in risk management amid digital transformation.
The Open Banking Implementation Entity â a non-profit created by British authorities and overseen by nine of the largest UK banks â was set up in 2016 to standardize and share customer banking information with a wider range of financial institutions, in part through an application programming interface that allows third party financial providers to access the data with permission.
OBIE Launches Free Tool to Fight Open Banking Fraud
The Open Banking Implementation Entity (OBIE) has launched a new online tool to help firms prevent and fight open banking fraud.
The Counter-Fraud Maturity Self-Assessment tool has been collaboratively developed by the OBIE Security & Fraud Working Group, Accenture, Cifas, the University of Portsmouth Center for Counter Fraud Studies and the Cabinet Office Fraud, Error and Debt Team.
The tool, freely available to all firms enrolled in the OBIE Directory, enables open banking companies to assess the maturity of their fraud defenses and seeks to further strengthen the resilience of the open banking ecosystem.
Open Banking Services being Used by Over 2.5 Million UK Consumers and Businesses to Complete Payments: Report
January 30, 2021 @ 8:07 pm By Omar Faridi
Banking Circle, a financial infrastructure developer, notes that only a month into the new year, and partnerships are already beginning to emerge as “a strong theme underpinning the future of the industry.”
Banking Circle also confirmed that they’ve teamed up with global provider of local payments infrastructure, PPRO. Banking Circle is now working closely with PPRO, which recently managed to achieve Unicorn status (valued at $1 billion or more as a company), in order to enhance their service offering, “supporting PSPs working with cross border e-commerce merchants.”
Beam and Nuapay Partner on Ecommerce Payments for WooCommerce users
Payment solutions provider
Nuapay has partnered with Beam to provide open banking payments to its clients on WooCommerce. Nuapay reports that after a successful pilot, the Beam service is available now to almost 100,000 websites using WooCommerce to sell goods and services in the UK.
Nuapay notes that the service arrives a month after the
Open Banking Implementation Entity (OBIE) published research showing that 50% of the UK’s small business community are utilizing the services offered by open banking providers. The Beam service will bring the benefits of open banking enabling SMEs to receive funds instantly through open banking payments, helping to address cash flow challenges. Beam can allow merchants to access instant payments, instant refunds, recurring payments, and installment plans. Beam says it will save UK businesses £1 million in card processing fees over the next 2 years.
Accutrainee launches scholarship for aspiring black lawyers
27-01-2021
22-12-2020
A trainee secondment company has launched a scholarship programme for black law graduates to help them to gain the work experience they need to enter the legal profession.
Accutrainee, which is also authorised as a training centre by the Solicitors Regulation Authority, announced that it would be offering the scholarship on January 18.
The company was founded in 2011 by former Hogan Lovells associate Susan Cooper.
The scholarship will help successful applicants secure training contracts or qualifying work experience, as well as covering the costs associated with sitting the Solicitors Qualifying Exam (SQE).