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News Digest: Banking, Payments, and Content Creation

In a rapidly evolving financial landscape, from challenger banks making strides in business banking to the rise of Open Banking payments, and even groundbreaking collaborations to empower content creators, there’s a lot happening in the world of finance and technology. Let’s dive into the latest news to get you up to speed.

OakNorth Bank Takes on the Big Players

OakNorth Bank is preparing to shake up the world of business banking with its own current account. Designed to cater to existing borrowers with revenues ranging from £1 million to £100 million, this offering aims to stand out in a sea of banking apps. What sets it apart? A dedicated OakNorth Business Partner for each customer, offering personalised service akin to traditional relationship managers in established banks. According to Rishi Khosla, OakNorth’s CEO and co-founder, they’re stepping up to meet the unmet banking needs of businesses often overlooked by incumbents and neobanks. Plus, they recently crossed the £10 billion mark in cumulative lending, showing their determination to support businesses during challenging economic times.

Source: AltFi

European Payments Initiative Expands Its Reach

The European Payments Initiative (EPI), backed by major Eurozone banks, has successfully acquired Dutch payment scheme iDeal and Luxembourg’s Payconiq. With regulatory clearance secured, this move marks a significant step toward building a unified instant payment system for Europe, offering consumers, merchants, and businesses across the continent a seamless experience. After overcoming financing challenges and the withdrawal of some banks, the EPI is now set to deploy its payment solution in Belgium, France, Germany, and the Netherlands, countries that collectively account for over half of non-cash payments in the euro area. The future looks promising for this ambitious venture.

Source: Finextra

Challenger Banks Tackle APP Fraud, with Younger Generations Embracing Open Banking

A report by the Payment Systems Regulator (PSR) sheds light on the efforts of banks and payment firms in dealing with authorised push payment (APP) fraud. The findings reveal that while APP fraud payments represented a small fraction of Faster Payments volumes, this method was responsible for 98% of such fraud payments. Interestingly, challenger banks led the pack in enabling fraudulent transactions. Meanwhile, Open Banking is gaining momentum, with one in five Brits making regular payments through this method. Younger generations are particularly enthusiastic, as 29% of 16-24-year-olds and 26% of 25-34-year-olds embrace Open Banking payments, challenging the traditional use of direct debits for regular bill payments.

Sources: The Fintech Times, Financial IT

BIGO, Checkout.com, and Visa Transform Content Creator Economy

BIGO, in collaboration with Checkout.com and Visa, is set to revolutionize cross-border payouts for content creators in several European countries. This partnership will provide a secure and straightforward commission structure, making it easier for content creators to receive earnings faster. The integration with Visa’s global network allows BIGO to send funds to over 3 billion card destinations worldwide. This partnership empowers content creators by giving them control over their earnings and financial management.

Source: IBS intelligence

As we witness these exciting developments in the world of finance, one thing is clear: innovation and collaboration are the driving forces shaping the future of banking, payments, and content creation. Stay tuned for more as these trends continue to evolve and redefine the financial landscape.

Posted on November 13, 2023