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The Weekly Wrap: all you need to know by Friday COB | Dec 3rd

By Gaia Lamperti

December 03, 2021

  • Amazon
  • Cloud
  • FCA
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The Weekly Wrap

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

The Financial Conduct Authority (FCA) has recently announced that has altered the 90-day reauthorisation rule for Open Banking. Currently, consumers opting into Open Banking services that give external parties access to their main bank account must reconfirm permission every 90 days. But such a rule has proved controversial, with critics saying that it could cause friction and therefore, the FCA consulted on changes to boost Open Banking usage.

As a result, the requirement to reauthenticate every 90 days shifted to the third-party provider (TPP) which is accessing the service. That means that a user of a FinTech app will not have to go back to their bank every 90 days to give permission for their data to be accessed. It will instead be done by the Open Banking technology provider. “The proposed SCA-RTS amendments will help remove barriers to continued growth, innovation, and competition in the payments and e-money sector, in particular for open banking,” the FCA said.

“The change to the 90-day rule represents a win for both consumers and the financial services sector,” commented Siamac Rezaiezadeh, Director of Product Marketing at leading FinTech in account-to-account payments GoCardless. “Improving the customer experience is essential if we want to accelerate the take up of open banking services, and this means removing any unnecessary friction for the payer, without compromising on security. Putting the customer in control of how their data is shared is therefore key, so the amendment by the FCA is certainly a welcome change. And it’s yet another positive sign of the progress and growth of open banking in the UK.”

Deals of the week

  • Moody’s acquires PassFort and agrees to acquire kompany, expanding KYC and Compliance Capabilities
  • Thought Machine raises $200 million in series C funding round to bring banks to the cloud
  • BNPL provider in Latin America, Kueski has closed over $200 million in financing
  • Bespoke Financial raises $125 million to expand lending capacity
  • Maven 11 Capital closes $120 million crypto venture fund
  • Fundbox closes $100 million Series D fueled by record growth
  • Plum completes a $24 million fundraising campaign to drive future growth

Be on the lookout for

The new Goldman Sachs Cloud service e for Wall Street trading firms backed by Amazon. The new service, called GS Financial Cloud for Data with Amazon Web Services, will help asset managers save time and allow their developers to focus efforts on trades.

Unveiled at the AWS re:Invent conference in Las Vegas, the offering will include curated financial markets data, the ability to import data into Goldman Sachs’ managed tick database, and access to a suite of tools for data visualisation and analysis.

“This is something that enhances the experience of our institutional clients and gives them access to our data and information,” commented David Solomon, CEO of Goldman Sachs. “The way we get paid for that is we get more of their wallet share because the overall experience and services we provide give us more mindshare, more opportunities to trade with them, to finance them and do things like that.”

Events & appointments

  • IBS Intelligence in association with Intellect Design Arena Ltd are bringing to you an exclusive webinar titled “Buy Now Pay Later 2.0 | Leveraging Technology to Drive a Superlative Experience, Mitigate Risks and Maximise Revenue” that will be held on Dec 8th at 3pm UK time. You can register now here.

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