Cryptocurrencies have the potential to disrupt the current financial system and the banking industry in general. Banks have been struggling to remain competitive against these new, digital alternatives. But this is just the beginning. Cryptocurrencies such as Bitcoin and Ethereum offer a number of benefits that traditional banks do not enjoy. For example, cryptocurrency transactions are instant and there is no need for a bank account or credit card.

This means that people who do not want to use their conventional bank accounts can continue to do so without being concerned about being closed out of their money if their bank goes under. There are also plenty of other benefits for banks that decide to start accepting cryptocurrency payments instead of fiat currencies like the US dollar or euro. In this article we take a look at what the future of cryptocurrencies holds for the banking industry as well as why this could be a positive thing for banks.

What is the Potential for Change in the Banking World?

From the fact that the Central Bank of China has started issuing its own cryptocurrency to the scene with plans to issue its own digital currency in partnership with the People’s Bank of China, the banking world has been watching the evolution of cryptocurrencies closely. This has led to a lot of discussion among banks and financial institutions about how they can benefit from this innovative technology. While the benefits of cryptocurrencies are clear, there is still uncertainty as to how banks will respond to these.

Some in the banking industry are worried that if banks start to accept these new technologies, it could lead to a race to the bottom as banks look to attract customers by offering the lowest possible fees for financial services. This could ultimately hurt the profitability of the banking sector and have a knock-on effect on the wider economy. There are a few reasons why banks might adopt a more welcoming approach to cryptocurrencies. The first is that they have been sitting on the sidelines for a long time, ready to be leap-frogged by the adoption of new technologies. The second is that cryptocurrencies are popular with certain segments of the population and might be a good way for some banks to attract new clients. The third is that banks might be more open to financing crypto-based projects once they are faced with the regulatory environment that cryptocurrencies need to meet in order to be a legitimate form of money.

What Benefits Can Be Acquired from Decentralized Financing

Decentralized Financing (“Df”) is an emerging technology that allows traditional lenders and investors to collaborate to create a decentralized financial ecosystem. The idea is to create a new ecosystem where the consensus of financial stakeholders is needed to make financial decisions. This can include the approval of loan applications and the approval of investments, among other things. Df can be used to replace or complement the functions of banks and other traditional financial institutions.

For example, a trade union could issue a digital token to represent the benefits it offers its members. This could be used as a decentralized security for investment pools and a way for employees to reward top-performing employees. The most common use of Df is to create an ecosystem where each party has a stake in the success of the ecosystem. For example, a bank could issue tokens to its clients to facilitate inter-bank payments, or a solar panels manufacturer could issue tokens to empower consumers to sell their solar panels on an open-marketplaces.

How Cryptocurrencies Promote Efficiency and Operational Transparency

One of the main attractions of cryptocurrencies is their transparency. In many ways, they are more transparent than traditional financial systems. This makes them an attractive financial alternative for venues such as banks, stock exchanges, and Forex markets. For example, banks are required to keep information about their clients and assets such as loans, funds, and assets on a database known as a bank ledger.

This system is designed to be transparent, dispel rumors, and allow all stakeholders—including regulators, law enforcement authorities, and hackers—to see what actually happened. This kind of transparency is not possible with cryptocurrencies. As we saw with the Panama Papers and the Rio Olympics, this can be a very dangerous thing when it comes to public perceptions of financial institutions and banks in particular.

Why Banks Should Start Accepting Cryptocurrency Payments

In the short term, banks can benefit from the fact that more people are using cryptocurrencies as a method of payment. This may lead to increased demand for the financial products and services provided by banks as more people look to them as an option to acquire financial products and services. Currently, banks use a mix of digital and conventional methods to facilitate payments. This means that, for example, a customer may need to provide their bank details when making a payment in fiat currency, but not when making a payment in cryptocurrencies.

This, in combination with the level of transparency that cryptocurrencies offer, makes them a great option for businesses seeking to expand their customer base and gain access to new customers. In the long term, however, banks could benefit even more from the added flexibility that decentralized financing brings. For example, banks could issue digital tokens that they issue as debt and issued bonds in order to create a distributed, decentralized financial ecosystem with no central authority. This could be used to issue loans and bonds in a trust-based scenario, where borrowers and lenders can hold the tokens as security. Learn more with 1K daily profit.

Conclusion

The future of cryptocurrencies holds a lot of promise for the banking industry. Central banks are already exploring ways to issue their own digital currency in partnership with the People’s Bank of China. This could be a great way for banks to gain new clients and attract more investors. In the future, banks could issue digital tokens as debt and issue bonds in a distributed, decentralized financial ecosystem without a central authority. This could be a great way for banks to gain access to an even larger pool of customers and promising talent. With cryptocurrencies having even less regulatory oversight than conventional money, it could be a long time before we see the banks that we know and love.

The post What the future of Cryptocurrencies hold for the traditional banking system appeared first on Fintech News.

In order to reach only functional strategies and implement them for employees’ working environment, directors should be ready for implementing specific tools for daily activities. One of them is the m&a data room that is used for the secure storage of files and other sensitive documents that should be taken under control. Besides, it will support ensuring that all teams have the necessities to be confident at any working level for work more intensively on business deals. Nevertheless, it is highly recommended to pay attention to how to organize workflow with the m&a data room. Here we are going to present an in-depth structure that should be considered by leaders. It is recommended to be sure how to structure the working environment, which is one of the main stages for having a healthy workflow, and this should be made in advance. Next, it is possible to assign access to relevant team members that will have abilities to work at any time,  they will have access to every function and material. Also, leaders should create a systemized filling system that will be used, activity for being possible for multitasking. When managers or business owners add relevant materials will be easier for uploading and downloading data that allows them to have healthy and flexible working hours. Furthermore, it will be possible in conducted such operations as mergers and acquisitions with the active usage of this tool. There is no doubt that it is one of the most time-demanding processes, and for participants, it may be challenging to reach mutual understatement, but it is possible. With mergers and acquisitions, it will be possible to involve both parties in working on results.

Another aspect that will guide them to make an informed choice is m&a insights that support strengthening the bank sphere. Besides, it will motivate leaders for being more flexible and have an intensive workflow. Even it will influence decision-making that should be on time.

How to recognize evolved investment strategies

As the banking sphere is always in the process of change, it is necessary to organize larger, more complicated processes that will grab more investors’ attention. In this case, it exists specific refined investment strategies that should be followed by the leader to get the most trustworthy and relevant for success. Here are several benefits that they are going to share with every bank. It is all about:

1. support in planning and managing large projects;
2. saving clients’ time and money y identifying risks;
3. become experts that will work more on revenues.

Nevertheless, to get such benefits, we propose to be convinced that these tools are relevant to the banking industry. In order to do this in short terms here are presented several steps that should be made by every leader. Firstly, investigate the current workflow that will show how effective are workers with their business operations. Secondly, sturdy clients’ needs and changes exist in the marketplace. Thirdly, focus on security and how effective it will be for supporting in forgetting about challenging moments and other limits. When directors will be sure that the technologies, that they are going to implement are relevant for future business operations that will be guided by their active users.

In order to get more abilities and increase the bank’s reputation, it should be focused on investment banking associate interview questions that show major bank association whether each bank has enough qualified employees with directors and are well developed. This investment banking associate interview question consists of several rounds where participants should answer specific questions. These interviews are made to recognize whether directors who are interviewed are cautious about the main aspects and support in highlighting any skills and experience that is good for a specific position. These sets of questions will be beneficial for employees that would like to start working at a specific bank and for directors who are eager to change their roles in the bank industry. That is the principal reason why it is necessary for confident and clear answers.

To occlude, following this reach information, it will be possible to lead for future success. Be an innovative, straightforward, and productive bank that will work on results. When leaders will spend enough time, they will get practical pieces of advice that will be operated in reality. Remember that is up to you to make several changes!

The post Investment Banking Associate Interview Questions and Tips for Success appeared first on Fintech News.

Link: https://www.newshub.co.nz/home/lifestyle/2022/12/opinion-i-ve-indulged-over-the-holidays-if-i-m-healthy-the-rest-of-the-time-does-it-matter.html?ref=ves-nextauto

Source: https://www.newshub.co.nz

The post What New Zealand can learn about open banking from countries already doing it appeared first on Fintech News.

For the uninitiated, embedded finance refers to the use of financial instruments by non-financial enterprises. It allows any type of company or online store to incorporate banking software directly into their websites or mobile applications using BaaS (Banking-as-a-Service) without diverting consumers to third-party portals. Customers, for example, will no longer need to input their credit card information for each transaction and will be able to pay in installments, get insurance, and so on.

Over the next five years, embedded finance growth globally is expected to be 215%. It will be contingent on financial service providers’ expanded availability of APIs (Application Programming Interfaces). The easy integration of these APIs will lower barriers to financial services access and give embedded financial service providers considerable new income potential.

There are a number of factors involved, importantly: 

Rebundling — smooth transition from fragmented and decentralized packages of services to umbrella-like offers. Services become attractive to more categories of users, and as a result, customer base increases. 

One-stop shops — all financial and non-financial transactions are carried out in one interface (including pay-in and pay-out services). 

Open banking — to supply part of the connective tissue for the embedded financial ecosystem. Platform and product suppliers will be able to include pay-in and pay-out procedures, as well as account aggregation, providing end to-end financial experiences. Many banks, like Halifax, Revolut, and others, have already implemented this.

WHAT DO MERCHANTS GAIN FROM EMBEDDED FINANCE IMPLEMENTATION? 

High conversion rates, due to the fact that no further processes are required. Users who wish to buy anything will not be turned away due to a seamless payment system and fast checkout — there is no need for users to wait. When making a purchase, time is saved on things like loan approvals, bill settling, period for payment confirmation, and so on. 

New business methods (direct-to-customer sales, subscriptions) combined with a bid to distinguish out in a crowded market. 

Controlling cash flow (reduction of day sales outstanding). 

Add to this the fact that nearly nine out of ten people (according to the Linnworks survey of ordinary shop customers) agree that having a variety of payment choices makes it easier to make decisions and encourages them to spend more. In comparison to a year earlier, 78% of shoppers now favor convenience in e-commerce. 

According to a recent study conducted by Accenture, 87.5% of non-financial organizations that have begun to offer financial solutions have raised engagement levels, while 85% have drawn new clients.

The post The rise of embedded finance appeared first on Fintech News.

Globally, the regulatory push for open banking has increased the availability of open banking APIs, which in turn enables fintech to build new products and services. To date, however, there are still a limited number of business models and innovative products developed in each country. Greater access to a wide range of product APIs and new approaches to partnership relationships are needed from banks, while fintech should increase its focus on meeting needs in specific target markets to best seize emerging opportunities.

Platformable’s Q1 2022 Open Banking/Open Finance State of the Market Report describes the digital financial services landscape as the year commences. At the start of 2022, there were 1,537 open banking platforms worldwide.

98 countries have open banking regulations in place globally. In 2022, the next chapter in open banking regulations is continuing, with some countries embracing open finance and improved data sharing regulations:

1. Europe and the UK are expanding into open finance with the UK’s Smart Data Initiatives and the European Commission’s Digital Finance Strategy.

2. The US Consumer Financial Protection Bureau recently hosted a public consultation on the user data held by tech payment platforms, while Canada released the results of their second review of open banking.

3. In the Asia Pacific region, open finance regulations outpaced open banking with the launch of the Philippines’ Open Finance framework and an account aggregation framework in India focusing on financial data sharing.

4. Brazil’s advancements took centre stage in Latin America with the final phase launch of its open banking framework.

Europe Remains Open Banking Leader

Compared to Q4 2020, open banking API platforms have grown 175% globally. Europe remains the leader, accounting for 75% of the world’s open banking platforms.

Comparing various global regions, the UK was responsible for creating more open banking platforms than the US and Canada – 49 compared to 30 platforms available in Q4 2021. Despite this lead, however, UK banks publish fewer API products overall, offering 253 APIs compared to 296 available in the US and Canada.

New regulatory frameworks are a key driver for steady growth in open banking infrastructure in other parts of the world. The Asia Pacific region saw a 139% growth rate, reflecting the continued deployment of Australia’s Consumer Data Rights (CDR) Framework. There was also a 147% growth in the number of Latin American open banking platforms due to Brazil’s open finance progress, and Mexican incumbents offering product and service data outside of a regulatory push. In the Middle East and Africa, there was a 65% growth in open banking due to Nigerian open banking advancements.

Open Banking API Innovation Moves Beyond Compliance

Bank API Products by Category and Region, Q4 2021 (N = 5,133)

API products have grown 20% globally since Q4 2020. Regionally, Latin America saw the largest increase with a 178% rise in API product growth. The US and the UK placed second and third with 164% and 122%, respectively.

In the graph above, mandated APIs (those focusing on payments, account information, and product information) shown in dark purple comprise the majority of API product availability, outside the Russian and Eastern European markets. These numbers suggest that open API product innovation accounts for roughly 20-40% of the total offerings.

For fintech, products offered by mandated APIs are essential to allow customers to complete everyday tasks like checking their budgets or transferring money. However, fintechs need to access APIs that provide additional functionality to develop well-rounded products that meet the user journey needs of customers.

Looking at global examples demonstrates how innovation is enabling new products (and types of business models) to emerge in the open banking ecosystem.

Commerzbank: Germany

Germany’s Commerzbank conducts a two-pronged approach to APIs by offering mandated APIs (required to be provided, for free, under Europe’s Second Payment Services Directive, or PSD2) and Premium APIs, which they can sell to agreed partners and third party users, separately. By splitting their offerings, they can better enable new digital business models. Sometimes these models may seek to create new direct revenue streams (for example, by charging for the APIs). In other cases, the APIs may act as new customer acquisition channels, allowing Commerzbank to reach customer segments that were outside its direct marketing opportunities.

In Q4 2021, Commerzbank added Customers and Home Loans Light APIs to their catalogue: The Customers API streamlines onboarding into fintech apps using Commerzbank customer data. This allows fintech to simplify the customer identification process, where potential users may drop off because of having to re-enter all of their personal information. Instead, customers can log in as a Commerzbank user and securely access the fintech product without data entry duplication.

The Home Loans Light API provides a no-code widget for end-users to calculate their indicative interest rate after inputting a few relevant details. The widget lets third party websites, for example, real estate sites, home design and renovation sites, or apps that target potential home construction buyers, to easily integrate Commerzbank’s loans calculator into their websites and apps. By offering this product for free, Commerzbank can shift the integration costs onto the third parties, and open a channel to receive qualified new loan product customers.

Quanto: Brazil

Brazilian fintech platform, Quanto, supports companies who want to draw on their open banking data to improve financial decisions. Already, Quanto has been accredited in all eight open finance certifications – the maximum available to third parties under Brazil’s open banking regulations. This breadth of capabilities to securely make use of open banking functionalities (where customers consent to connect their accounts) allows Quanto to offer more complete financial service offerings that draw in data from a complex array of operational systems.

Quanto is able to combine the customer’s company data with recent market indicators and to help customers identify new financial opportunities. For one customer, this increased their loan approval rate by 28%.

The increase in open banking platforms has the potential to change the global financial landscape by encouraging the creation of new fintech products. Open banking is still very much in its nascent stage: many banking platforms still only offer the minimum (mandated) APIs required by their country’s regulations. Those banks that provide additional functionalities have the opportunity to create new digital business models and open up new avenues for their fintech partners to deliver better products to end-users. For fintech, seeking out bank platforms and building partnerships with these banks that go beyond the mandated APIs will enable a richer set of customer experiences to be embedded into their fintech apps and products.

Interested in learning more about the Q1 2022 Open Banking and Fintech landscape? View Platformable’s full Q1 2022 Open Banking/Open Finance State of the Market Report.

The post The key question for 2022: can fintech build viable businesses using open banking APIs? appeared first on Fintech News.

New research* shows that most leading Islamic finance professionals expect the sector to move rapidly towards greater use of open banking over the next three years. 

The research was conducted by IslamicMarkets.com, a leading platform that provides access to expert knowledge and financial opportunities, to support the Global Islamic Finance Forum 2022 (GIFF2022). 

The event, themed as ‘Take the Reins’, is organised by the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), in partnership with Bank Negara Malaysia (the Central Bank of Malaysia) and aims to generate an active discourse on the work required to strengthen Islamic finance’s global leadership position.

The study found that 90 per cent of Islamic finance professionals believe the adoption of open banking by financial institutions, Governments, fintechs and other stakeholders will increase by 2025, with nearly two out of five (38 per cent) expecting a dramatic rise in adoption. 

Growth of open banking in Islamic finance will partly be driven by more and better regulations, the study also found. Almost a third (32 per cent) of Islamic finance professionals who were questioned predicted a dramatic increase in regulation, with another 59 per cent forecasting a slight increase in regulation.

The study found that Islamic finance professionals working across a wide range of sectors believe open banking will mean greater use of fintech innovations in Islamic finance such as Waqf, Zakat and Sadaqah. 

More than half (62 per cent) questioned, strongly agree open APIs will enable the platforms to access customer accounts in Islamic finance, with the result that customers can make contributions through the platforms. Another 30 per cent slightly agree. 

Islamic finance professionals believe that the key benefit of open banking in the Islamic finance industry is to meet strong customer demand and offer more choice with the ability of banks to offer more innovative products. 

Other benefits include being able to manage the escalating costs of launching new digital services at scale and developing strategies to monetise customer data to generate new revenue streams. The growth of open banking will also enable institutions to meet regulatory requirements to provide higher transparency for reporting data.

GIFF2022 Chairman Arsalaan Ahmed said, “Increased adoption of open banking in Islamic finance brings a wide range of benefits to the sector and research shows Islamic finance professionals are expecting rapid developments in the sector over the next three years. There is a clear need for more and better regulation around open banking and open finance in Islamic finance, and that is recognised by Islamic finance professionals who are expecting strong progress.”

The post Islamic finance: move towards open banking set to accelerate appeared first on Fintech News.

TrueLayer, Europe’s leading open banking platform, today announces its collaboration with Bybit, the third most visited cryptocurrency exchange in the world with more than 10 million users. Bybit was established in 2018 as a crypto derivatives trading platform where retail investors and traders could benefit from an ultra-fast matching engine for purchasing major cryptocurrencies, coupled with multilingual community support.

Today, Bybit is a one-stop shop for all things crypto with over 100 spot trading pairs, derivatives, and passive income products. By implementing TrueLayer Payments, Bybit customers across Europe have gained a more efficient, secure, digitally-native method to fund their accounts. Payee details are pre-populated by TrueLayer, eliminating errors or the possibility that funds could be sent to the wrong business. Customers are then redirected to their banking app to authenticate their identity, usually with biometrics such as fingerprint recognition or Face ID, before the payment is authorised.

Leila Mcharek, Head of Payments and Business Strategy at Bybit, commented: “When looking for a provider, TrueLayer was the obvious choice given its payments expertise and broad European market coverage. It brings the next level of convenience, coupled with enhanced security enabling users to fund their Bybit wallets with confidence to purchase crypto assets, such as Bitcoin (BTC) and Ether (ETH), and reach their personal financial goals.”

Beyond an improved payments experience for its customers, Bybit also gains significant operational benefits. This includes real-time payment confirmation, faster settlement, and lower processing fees compared to other deposit methods. TrueLayer also automates expensive and time-consuming manual processes such as reconciliation with full visibility of all payments via its merchant dashboard.

Commenting on the collaboration, Ross Kelly, Crypto Lead at TrueLayer, stated: “Unencumbered by legacy, open banking payments powered by TrueLayer are delivering a better way for Bybit users to fund their accounts.– simply input the amount of fiat currency you want to add, select your bank, and confirm the transaction using the strongest available authentication method. We’re delighted to be working with Bybit and look forward to expanding our collaboration with additional TrueLayer services over the coming months.”

The post Leading cryptocurrency exchange Bybit delivers rapid fiat deposits across Europe with TrueLayer appeared first on Fintech News.

• Citi Ventures has made an investment in Belvo, the leading Open Finance API platform in Latin America. 
• This investment will facilitate Belvo’s growth in Mexico, while getting closer to Citibanamex.

Citi Ventures, Citi’s venture capital investing group, today announced its investment in Belvo, the leading Open Finance API platform in Latin America.

The financing is already leading to joint explorations of opportunities to bolster the development of the Open Finance ecosystem in Mexico. Specifically, Belvo is exploring ways to create new products and services that leverage Open Finance and that can foster more innovation and financial inclusion. 

Belvo already provides connectivity through its API platform to over 60 financial institutions and works with over 150 clients, including leading financial institutions and fintechs in Mexico, Brazil, and Colombia like Tribanco, Rappi, Mobills, and Mercado Libre. These companies use Belvo’s Open Finance technology and platform to build reliable and secure connections with their end-users’ financial data and interpret and enrich this information to launch innovative financial services.  

“This investment is yet another great sign of the increasing collaborative efforts that are taking place between fintechs and traditional financial players in Latin America in the context of Open Finance. As regulation quickly moves forward in countries like Brazil, Mexico, and Colombia, we believe that working together with financial institutions is key to bringing the benefits of these new models to more and more businesses and end-users, and that these collaborations will have a great impact on increasing access to better financial services across the region. Citi is one of the top financial institutions in the world and Latin America, with operations in more than 20 countries in the region. We’re ecstatic to collaborate with them in their commitment to innovation,” said Pablo Viguera, co-CEO and cofounder of Belvo. 

“At Citibanamex, we aim to offer the best banking experience in Mexico. Citi Ventures’ investment in Belvo will get Citibanamex closer to Belvo, accelerating our path to develop Open Banking capabilities while creating omnichannel, and deeply personalized, digital experiences and products for the benefit of our customers,” said Sinead O´Connor, Corporate Director of Consumer Banking, Citibanamex.

“Open Banking represents an enormous opportunity in Latin America as a key enabler of the explosively growing fintech ecosystem in the region, and we are excited to invest in Belvo, which we view as the leading provider in this exciting space,” said Luis Valdich, Managing Director of Venture Investing, Citi Ventures. 

With this investment, Citi Ventures joins Belvo’s line-up of investors including Visa, Kaszek Ventures, Founders Fund, Y Combinator, Future Positive, Maya Capital, and FJ Labs, among others.

The post Citi Ventures invests in Belvo to help push Open Finance forward in Latin America appeared first on Fintech News.

 As new competitors emerge at a rapid pace and consumers demand more functionality than ever before, the industry is struggling with the best path forward. Some have turned to banking as a service and others to open banking, however, while both options solve some pain points, they also cause friction; banking as a service requires fintechs to jump through regulatory hoops and open banking pits banks and fintechs against each other in competition for customers’ finances. Instead, many are considering a new route, one that’s mutually beneficial to all parties involved – collaborative banking.

Collaborative banking is a movement that allows financial institutions and fintechs to finally join forces, sharing revenue and business opportunities. In a collaborative banking model, institutions connect with customer-facing fintechs in a secure, compliant marketplace. The digital rails connecting the banks and credit unions to the marketplace anonymize and tokenize all customer data, removing the regulatory risk traditionally associated with bank-fintech partnership. Collaborative banking allows the financial institution to put the customer in control, enabling unprecedented innovation based on customer choice.

 A move toward self-sovereign identities. As more consumers embrace digital advancements such as cryptocurrencies and Web3, there will be an uptick in interest around self-sovereign digital identities. There is a need for greater control in financial services, granting consumers stronger authority over who accesses their data and under which conditions. Those institutions and fintechs that embrace secure consumer choice will pave the path forward. Expect consumers to lean into self-sovereign identifies moving forward, taking ownership of their data in new ways.

 The financial empowerment movement. Just as there is demand for more consumer control when it comes to financial services data, there is also a growing insistence for greater flexibility and choice. More than ever, customers need easier, quicker access to a wider range of financial education and wellness tools and resources. A ‘one-size-fits-all’ approach will no longer cut it.

Too often, consumers and businesses are forced to choose between the modern technology they crave and the local institution they know and trust. Those banks and credit unions that fail to determine how to allow simpler, risk free access to new technology and services risk losing revenue, wallet position and loyalty. Those that enable and encourage customer choice will be well positioned to compete.

Landon Glenn, CEO and co-founder of Asa, commented, “We are seeing the industry grappling with how to better, more effectively put the customer experience at the center. Until now, there simply hasn’t been a good way to personalize banking experiences, delivering the choice and control customers increasingly expect. Collaborative banking presents a way for financial institutions and fintechs to work together in a mutually beneficial way, all for the good of the end customer. We firmly believe this model is the future of financial services.”

The post Collaborative banking expected to be top trend to watch for remainder of 2022 appeared first on Fintech News.

Mastercard is announcing its latest payments feature, Pay by link, led by its European open banking pioneer Aiia. With the feature in place, businesses from any industry are able to cut out unnecessary payment steps by creating a simple link that allows customers to pay instantly in any given context.

The new payments feature “ties directly into Mastercard’s open banking vision of ushering in a new era of choice, simplicity and personalization in a safe and secure manner,” the press release said.

Based on open banking payments, Mastercard’s Pay by Link feature offers users dealing with accounting, insurance and telecom companies, as well as social commerce, payment service providers and utility firms.

“We’re in the process of transforming the way people pay bills,” said Rune Mai, co-founder and CEO of Aiia, a Mastercard company. “With a simple link, we make it easy and secure to pay a bill on the go with a bank account without having to enter or remember payment details.

Pay by Link is being rolled out in the Nordics and is expected to be available across Europe by the end of the year. Aiia’s new feature is live with Nordic accounting software provider Dinero, streamlining invoice payments for more than 77,000 small and medium-sized entrepreneurs.

The post Mastercard launches open banking feature ‘Pay by link’ appeared first on Fintech News.