Article: Open Banking for self-employed borrowers will bring quicker applications

Money, Open Governance, Standards

Open Banking for self-employed borrowers will bring quicker applications

In fact, close to 10 per cent of digitally active HSBC UK customers are using Open Banking services, with the number growing all the time. We have been looking at how we can integrate this fantastic technology protocol.

We have seen applications across current accounts and unsecured lending products, where it has made a real difference making life quicker, easier and safer and I am extremely excited to now see Open Banking being integrated into our mortgage process in a small but important way that will see the time it takes to go through the underwriting process being much reduced for self-employed applicants.

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Article: Data security: The paramount aspect of open banking

Access, API, Money, Open Decision-Support, Open Governance, Open Infrastructure

Data security: The paramount aspect of open banking

Open banking, a practice that provides third-party financial service providers an open access to consumer banking, transaction, and other financial data from banks and NBFCs through the use of application programming interfaces (APIs), has been rapidly catching up and is said to be the future of financial technology.

While this has several benefits, the innovation is also a high-risk practice as it involves sharing of and trading vast amounts of data. And while financial technology, over the past few years, seen tremendous growth in India, the Covid pandemic has facilitated a huge surge.

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Article: Banks enhance UX by accelerating investment in digital technologies

Money, Open Governance

Banks enhance UX by accelerating investment in digital technologies

The pandemic has accelerated digital transformation in banking, leading banks to faster adopt new digital delivery models. The rise of neo and digital banking became the new normal, with an emphasis on mobile banking services.

Adoption of artificial intelligence (AI) across many different operational areas in banking is constantly gaining ground. Financial institutions appear to be very active in engaging AI in a spectrum of services, ranging from sales and credit scoring to behaviour prediction and fraud detection.

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Article: When it comes to open source, culture continues to eat strategy, policy for lunch

Innovation, Open Governance, Open Space, Standards

When it comes to open source, culture continues to eat strategy, policy for lunch

Since the 1980s, memo after memo has tried to convince agencies to make better use of open source software, and share the code with other agencies that they are using. Despite the top down push, new research finds federal success with open source is less about the permission slip and more about how the culture of the agency.

Joe Castle, a recent PhD graduate from Virginia Tech, who studied federal technology policy and open source software, and is a federal employee, said the current state of the culture about open source in government is driven by the people, not the agency or memos or any other reason.

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Article: Envestnet | Yodlee and Financial Dots team up to boost open banking services in the UK

Innovation, Money, Open Governance, Open Space

Envestnet | Yodlee and Financial Dots team up to boost open banking services in the UK

Financial Dots Limited has selected data analytics platform Envestnet | Yodlee to provide open banking and non-open banking data services for its customers with an initial client focus in the United Kingdom. The collaboration will enable Financial Dots’ customers to view all of their cross-border financial accounts and investments in one place.

Financial Dots stated that it has launched the interface to focus on customers that are dealing with cross-border challenges, helping them navigate the complex environment of their own financial and personal circumstances.

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Article: Neonomics, Nöffe to bring Open Banking to children

Money, Open Governance, Standards

Neonomics, Nöffe to bring Open Banking to children

Norway-based Nöffe has partnered with Neonomics to develop a digital piggy bank, to enable parents to easily connect their children’s bank accounts to a piggy bank, according to the official press release.

Neonomics, a Europe-based Open Banking API platform provider, allows Nöffe’s users to connect a bank account via their app to a piggy bank that mirrors a bank account.

The digital piggy bank is about the size of a traditional piggy bank, and a female voice speaks every time money is transferred to the account, or if a child wants to know how much money is in the account. Using the Nöffe app powered by Neonomics’ Open Banking API, parents can move around money for their children while giving them various sensory cues and stimulations, naturally making them more aware of the value of money.

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Article: How IT leaders stay on the right side of innovation with open cloud (VB Live)

Innovation, Open Source, Open Space, Standards

How IT leaders stay on the right side of innovation with open cloud (VB Live)

“Thinking about openness is the key to being an IT leader in the cloud computing space,” says Michael McNerney, vice president of marketing and network security at Supermicro. “And that means building your cloud to take advantage of performance and innovation not just today, but in 18 months, 36 months, and on and on.”

Cloud infrastructure has become a catch-all for modern datacenter architecture, and the open cloud has been leveraging the innovation in open-source software and industry-standard hardware over the last decade, McNerney says. And that innovation continues at a rapid clip. Moore’s law, that every 18 months hardware will double in performance at the same cost, is not slowing, and is perhaps even accelerating, when you include CPU, memory, storage, and I/O.

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Article: Experian & Neonomics to streamline access to data and affordability calculations

Access, Money, Open Decision-Support, Open Governance

Experian & Neonomics to streamline access to data and affordability calculations

Neonomics and Experian have teamed up to offer lenders up-to-date credit information by classifying raw transactional data into predefined categories of income and expenditure. The collaboration will boost Experian’s Open Data strategy, thus enabling lenders to improve their decision-making processes and user experiences for effective management of portfolios.

Experian will bring Trusso, their open banking machine-learning categorization engine, and Neonomics, as a licensed third-party provider with close to 100% live fully operational coverage across the Nordics, is enabling pure API based account-to-account payments and account data. Experian will boost the expansion of its Open Banking solution across the Nordics, following the launch in Denmark.

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Article: How banks can leverage technology to explore the digital economy

Money, Open Governance

How banks can leverage technology to explore the digital economy

The classical banking world is in a state of radical change. Interest rates are low and revenues are dwindling. Challenger and neobanks are dominating the customer interface. Traditional players design their digital opportunities primarily from their viewpoint, focusing on their banking products, and becoming financial superstores for customers.

With open banking and open finance, financial institutions are now required to work more closely with non-banking players, often outside the world of finance. Digitization of key spheres of a customer’s lifestyle provides a plethora of opportunities for both banks and non-banks to create value services across shopping, housing, recreation, and healthcare. A winning strategy will be to surround end-customers with convenient digital services with easy access and the right pricing.

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Article: The Top Performing DeFi Coins in Q1 Were Not on Ethereum

Money, Open Governance

The Top Performing DeFi Coins in Q1 Were Not on Ethereum

Most DeFi products are built on Ethereum, but the best performing DeFi assets in Q1 may not be what you think. Decentralized finance (DeFi) continues to do exceptionally well in 2021. But the top performing assets so far this year are newcomers—and don’t even run on Ethereum.

According to a Q1 Performance Recap report released today by cryptocurrency data provider Messari, the top two performing DeFi cryptos in the first quarter of 2021 were PancakeSwap and Terra.

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