Last year was rife withhype and speculation about open banking’s disruptive credentials, and it is easy to see why.

Open banking is essentially the practice of sharing financial information electronically, securely, and only under conditions that customers approve of.

Chatter about open banking persists because it is can be a significant innovation catalyst, enabling better user experiences, streamlining lending, automating accounting, and pioneering new payment options.

illimitybank.com, the illimity Group’s digital direct bank, is introducing the Payment Initiation Service (PIS) in Italy for the first time ever, a system which enables customers to make payments from accounts of other banks consolidated on its platform.

Strong growth in cashless payments as cards increasingly preferred for everyday transactions

Path Solutions, the market-leading provider of Sharia-compliant digital solutions to the financial services industry, today announces that Al Baraka Bank Sudan (“BBS”), a subsidiary of the strategic Bahraini multinational banking corporation Al Baraka Banking Group, has successfully completed the implementation of its new Business Intelligence solution on March 13^th.

BearingPoint RegTech, a leading international provider of innovative supervisory, regulatory and risk technology solutions (SupTech, RegTech and RiskTech), has won Sweden’s Finansinspektionen (FI) as a new customer for Abacus Regulator. The financial supervisory authority was looking for a service provider that could best help them to improve and streamline their data collection processes, validation, monitoring and analysis.

Free cybersecurity assessments from RiskRecon, a Mastercard company, will help small businesses protect their environments during the COVID-19 crisis

As small businesses across Canada cope with ongoing social distancing requirements, many are quickly moving their activities online and facing greater exposure to cyber threats. To help small businesses protect their operations, Mastercard today announced that RiskRecon, a Mastercard company, is providing Canadian small businesses free cybersecurity assessments through December 31, 2020.

Ideal Prediction, the independent trading analysis and data science company for capital markets, has appointed Walter Bell as its Chief Technology Officer.

An industry leading quantitative analyst and technologist, Walter has more than 20 years of experience in capital markets, working in a variety of roles across multiple asset classes.

Judo Bank has raised $230 million in fresh equity at a post-money valuation north of $1 billion, lifting it into an exclusive club of local unicorns and showing the support of existing investors despite the risks COVID-19 present to business banking.

Evalueserve, a global leader in analytics consulting, today announced a partnership with Encompass, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions. This partnership will augment Evalueserve’s KYC services with automated data discovery and process automation, which makes the overall onboarding and remediation process more efficient for banks, especially with the post-COVID challenges.