The Bottom Line - Europe

Three Things We've Learned From the UK in Year One of Open Banking

Posted by Simon Rose on Apr 16, 2019 2:00:00 AM


Three Things We’ve Learned from the UK in Year One of Open Banking

January marked the one-year anniversary of the Open Banking regulation coming into effect in the UK, making this a good time to step back and assess its progress, or lack thereof. For the uninitiated, Open Banking is seen by financial regulators as a means to spur fintech innovation and foster increased competition in the UK banking market. Its underlying premise is that transactional data is the property of the account holder, and if the consumer or business elects to share such data with a third party, the bank must facilitate its efficient transfer, securely.

As with many high-minded concepts, the devil is in the details, so let’s consider how it’s playing out in the real world so far.

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Topics: News, Technology

Cash, Does it Still Have Legs?

Posted by Simon Rose on Dec 21, 2018 9:00:00 AM


This week saw the interim report from the Access to Cash team, a body set up to look at the future of cash, funded by LINK– the Scheme behind the ATM Network – and overseen by Natalie Ceeney, an ex-Financial Ombudsman. The report, and the BBC article accompanying it, highlighted revealing facts from ATM transactions declining by 8% in the course of the last year and the decline increasing by 5% since the beginning of 2018, to 37% of us still needing cash as local services and shops don’t yet take digital payments. Fortunately, as point of sale (POS) hardware technology replacement cycles are relatively short, contactless solutions will soon be ubiquitous, facilitating wider payment options for merchants and their customers.

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Topics: News