Apple has criticized a bill approved by German parliamentary groups that would force the company to open up the NFC functionality on its devices to other financial service providers, Handelsblatt reports. Apple believes that the new regulation, if passed, could "undermine usability in payments and jeopardize the privacy and security of financial information," a spokesperson for the company said. The reform has to be approved by the chamber representing the federal states, the Bundesrat, too.
Additional payment security requirements may be on a collision course with privacy and data protection legislation that governs the use of biometric information.
Adam Cox, the event's co-founder, wrote in his welcome letter that while the number of API calls – or times one provider has 'talked' to another using open banking – 'has exploded…we still have a long way to go to reach the success other advances such as contactless payments have achieved.'
Although 70% of Australian and New Zealand businesses expect open data to positively impact industries and consumers alike, 72% feel it’s creating challenges for them as they’re pushed to rethink processes and customer relationships, according to new data. Two-thirds of Australian and New Zealand businesses feel they need to make significant improvements to their originations performance in the next 12 months to protect customer retention and revenue.
Nesta, in partnership with Open Banking Limited (OBL), has announced the Open Up 2020 Challenge finalists. Many of these Fintechs are live and in the market already. Like many other aspects of Fintech, the UK has led the world in the introduction of Open Banking and utilization of the new requirements. Nesta states that many people are struggling to stay on top of their finances. Over the next eight months, the finalists will work with Nesta Challenges and OBL to further develop their solutions, also receiving non-financial support including marketing, business mentoring and service design. With Plum, we’re harnessing technology and behavioural insights to help those people and boost their bank balance, not just now, but into the future.