Bram Vreugdenhil’s Post

  According to emerchantpay's latest research, almost half of UK respondents claimed they had used Open Banking during checkout.   Interestingly, 19% of shoppers said that they would use Open Banking more frequently in five years’ time, surpassing Buy Now Pay Later (14%) and crypto (7%).   Uncover more insights into Open Banking and why it’s set to become a mainstream payment method in the future by downloading @emerchantpay's new report: https://lnkd.in/deFJHJaj   #openbanking #eCommerce #fintech #innovation #onlinepayments

Here are some of the latest global bank-fintech partnerships of Q1 2024! From Open Banking advancements to Card Payment Innovation and even the rise of CBDCs and crypto, the industry is buzzing with innovation and collaboration. Check out the highlights with the link below. #Banking #Fintech #OpenBanking #OBN

2023 was a huge year for Open Banking adoption, surging 68.2% from the previous year to hit 4.2 million users in the UK in July. In line with this trend, we're going to see consumer expectations of Open Banking as a payment method increase dramatically in 2024 as they'll demand higher levels of speed, convenience, and security.    I shared my predictions on the future of Open Banking with FinTech Magazine, with a focus on: - Increased consumer expectations  - A renewed focus on the availability and performance of APIs and user interfaces - A stronger emphasis on customer protection from fraud and scammers   Would love to hear your thoughts and feedback. https://lnkd.in/eZ_vnEea   #payments #fintech #openbanking #UK

This had to happen and this is the first step, obviously open banking or open finance API will be used by the big tech wallets. Clearly the next step will be payments as there would be a huge advantage in cutting out the Credit card rails for more important reasons than chipping away some base points of costs. To stay relevant the EU digital identity wallet will need to deliver here quickly but unfortunately there seems to be a very limited understanding of this. It is not by accident that wallets like the one Apple provide starts with payment/financial to build a user base first. Same logic applies to anybody else trying to capture a share. #eidas #digitalidentity #digitalverification #digitaltransformation #digitalidentity #digitization #payments #cbdc #openfinance #nobidconsortium

🎉🇧🇷Really proud of Brazil right now! Brazil has been on the vanguard of fintech and forward economic policies for many years now and it is all paying off. The below is the new Open Banking tool developed by the BCB and it will revolutionize payments and financial information. PIX which was already integrated few years ago made transactions instantaneous for institutions and the general public. It is incredible to see how ahead Brazil is in terms of fintech advancements. Besides that Brazil was one of the first countries to tame inflation and was one of the first countries to start increasing interest rates to control inflation, before any G7 country did. Further, the country has started the process of becoming one of the OECD countries after being invited and recommended by the EU. I’m really excited what’s to come next! #Brazil #OECD #PIX #fednow

#PIX Automático: How BRAZIL is becoming the TRAILBLAZER PAYMENTS INNOVATOR in LATAM… I’ve been working on local proposals for Request-to-Pay as the most advanced Overlay Service for new Financial Market Infrastructures in my country… I wish one day we could collaborate in launching unique and common ‘Utility Platforms’. But, until thiat day come, let me point out how it’s been done around us…. I am glad that, at least in our hemisphere, Brazil is treading a path to the future ‘Digital Infrastructure’ enablers which are needed to underpin the forthcoming ‘Digital Economy’. In this line of thinking, I again has to take my hat off on Brazil’s Regulatory body… Building up on top of their PIX’s success story, they are not resting in their laurels and will, just a year afterward, launch a yet most-advanced ‘Overlay Service’: A full-fledged Request-to-Pay service offering with expansive features, beyond the basic service concept! This forward-looking Banco Central do Brasil’s proposal will take brazil to the forefront in Financial Infrastructure Innovation by leapfroging UPI and UK’s similar undertakings! As I have posted on the subject before, I can read between the lines here…. RtP (RtP is usually conflated acronym, sometimes used for Real-Time-Payments). I use RtP for ‘Request-to-Pay’ to differentiate it from RTP (Real-Time-Payments). To avoid repetition, just peek at the post below… I repost, because I think Brazil’s regulators are setting up the example on how to build sustainable, full-inclusive Financial Market Infrastructure and how to Build up contextual-based user-centric solutions by taking up ‘Global Best Practices’ and then, tweaking them to become localized innovative undertakings! Way to go Brazil! My Dream is one-day, we shall re-assess our siloed initiatives and apply some global rules to contextual solutions by not re-inventing the wheel and re-building the siloed infrastructures of the past using new technologies!

Open banking in the US 🇺🇸 in 2024. How did we get here? Here is a timeline: US open banking had a watershed moment in 2023: CFPB released its long-awaited proposed rule based on the personal financial data right enshrined into law by the Consumer Financial Protection Act of 2010 (Dodd-Frank). Over the last 10 years, consumers’ appetite for fintech apps has demonstrated their demand for the ability to connect their bank data — and it’s been better for everyone when a bank has worked securely and without interruption with a consumer’s apps of choice. With the rule nearing adoption, the open banking trend is poised to only charge further ahead. I highly recommend downloading the complete #fintechreport by CCG Catalyst for more info on this topic: https://lnkd.in/eGkn_Cb6 Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] 

🔍 Open Banking Myth Busting 🔍 Is Open Banking a payment method? Is Pay by Bank an instant settlement payment rail? Is it true there is no fraud if Pay by Bank is the method of payment? Join us for this Main Stage event where Tyler Heun, VP of Digital Payments at Adyen, will remove the veil of confusion and dispel common myths about Open Banking. Tyler will share the significant value that Pay by Bank offers to both merchants and consumers. To wrap up, he will discuss the pros and cons from both perspectives. 📅 Don't miss out on this opportunity to deepen your understanding and stay ahead in the digital payments landscape! https://lnkd.in/gG6C4het #PaymentsEd #OpenBanking #DigitalPayments #Fintech #PaymentMethods #MerchantServices #ConsumerBenefits

Open Banking is now open to large platforms. It's no surprise that they'll jump on this opportunity to capitalize on the sheer size of their platform. This offers an inherent opportunity to get rid of middlemen and make consumers care less about the banking brand. Is this a recipe for disintermediation? Absolutely. At our LSP for the European Identity Wallet, we focus extremely hard on payments to offer a counterbalance to the duopoly. Unfortunately, many actors in the financial space see this only as a threat to their turf by their own app. This is highly unfortunate as we offer a shield and a sword and no threat. #eidas #digitalidentity #digitalverification #digitaltransformation #digitization #payments #cbdc #openfinance #ecb #eidas2 #nobidconsortium Link to the article: https://lnkd.in/dUYWB6WJ

As we reach the end of 2023, it’s time to look ahead to 2024 and three key developments in EU #payments regulation with our Head of Industry & Wallets, Jan van Vonno. 💶 Instant Payment Regulation 🛂 EU Digital Identity Wallet 🇪🇺 SPAA scheme #regulation #fintech #openbanking