How do you evaluate the revolution of open banking and what does it mean for the customers?
RICHARD RANSOM, Head of Business Development, Bottomline Technologie:
Open Banking will make it easier for businesses to use Faster Payments in the UK, on a multi-bank basis. Additionally, the New Payment Architecture currently being designed for the UK will make Faster Payments even more valuable. New initiatives such as “Request to Pay” and “Enhanced Data” will see the potential introduction of sophisticated electronic invoicing into the payment system, ultimately making it easier for companies to pay and get paid.
Business cases that open the potential for Open Banking…
DAVID NICHOLSON, co-founder, VP Strategy & Partnerships, Yoyo Wallet
If to consider the companies that will be making the biggest change in this eld, Yoyo, which can identify a retailer’s customers and connect them to their basket data, stole the march on using Open Banking framework back in November. Opening up retail loyalty to the wider banking experience, Yoyo entered into a first-of-its-kind partnership with Starling to enable the startup bank’s customers to automatically reap the bene ts of retailer-specific loyalty programmes every time they used their Starling payment card in Yoyo-accepting high street stores.
This partnership with Starling shows the awesome potential of Open Banking and marks the start of a new phase in high street retail to add even more value to the payments process and attach retailer loyalty to the wider banking experience.