Latest news with #openbanking
Yahoo
4 days ago
- Business
- Yahoo
UK merchants seek alternatives to costly payments: Yapily report
Businesses in the UK are increasingly seeking cost-effective and secure payment methods, according to a recent report by open banking infrastructure provider Yapily. The study highlights merchants' dissatisfaction with high transaction fees and the current chargeback model, which many consider unfair. Yapily's report sheds light on the growing demand for alternatives to traditional card payments. The survey, conducted by YouGov for Yapily, involved over 2,000 UK consumers and 250 merchants. It found that 98% of businesses value lower transaction fees, and 41% want chargebacks removed entirely. Additionally, 77% of merchants express concerns over transaction fees, while 68% worry about fraud risks and 54% about data breaches. Two-fifths of businesses believe the chargeback process favours consumers too much, with 49% wishing for a more efficient process. Meanwhile, consumers prioritise security and convenience, especially for low-value purchases, with 49% favouring ease of use for purchases under £20 and 44% prioritising security for purchases around £100. The report highlights that 58% of consumers would try new payment methods if they offered lower fraud risk. Although open banking is seen as a solution with lower fees and higher security, cards remain the preferred method due to familiarity. Yapily's recommendations aim to drive open banking adoption and create a fairer financial system. Yapily's recommendations include aligning the ecosystem on open banking's value propositions, developing a consumer protection model without chargebacks, and introducing an open banking trustmark. Yapily founder and CEO Stefano Vaccino said, "Open banking has the potential to enrich people's payment experiences beyond other payment methods." Yapily VP for product strategy, innovation and policy Nicole Green added, "Businesses are telling us they need lower costs and better security - which is what open banking offers. 'Now the challenge is finding the tipping point that drives behavioural change among consumers, encouraging them to make the switch at the checkout. 'Rolling out new features like cVRP faster and creating a clear, trusted brand complete with an industry trustmark for open banking payments will encourage adoption.' Yapily is an open banking infrastructure platform in Europe, connecting customers to thousands of banks. The company has raised $69.4m in funding and continues to expand across Europe. "UK merchants seek alternatives to costly payments: Yapily report" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Finextra
20-06-2025
- Business
- Finextra
UK launches Smart Data Group to bring benefits of open banking to more sectors
The UK is looking to build on the success of open banking through the launch of a government-backed, industry-led Smart Data Group designed to unlock £28 billion in economic value across a variety of sectors. 0 Last week, the Data (Use and Access) Bill passed in parliament, paving the way for the expansion of the open banking model, giving consumers the power to share their data more widely across new use cases in energy, finance, telecoms and retail. By enabling Brits to explicitly consent to secure, standardised sharing of personal data with providers, the aim is to ensure these users can get tailored services, seamless switching, and better deals. Chaired by former Minister for Smart Data, Paul Scully, The Smart Data Group has been tasked with making this a reality, uniting policymakers and industry experts. Open banking veterans Richard Newman and Clare Ambrosino will be in operational charge of the group, with advisory board members including Jonathan Ashworth, Lord Iain McNicol, Lord Martin Callanan, and Sir Robbie Gibb, underscoring strong cross-party support. Business and Trade Minister Justin Madders says: 'Smart Data has the power to transform the way we do business and has potential to supercharge start-ups across the country. 'This new group will play an important role in unlocking that potential, and our modern Industrial Strategy will be a driving force to boost our priority sectors and drive economic growth right across the nation.'
Yahoo
20-06-2025
- Business
- Yahoo
Interview: James Neville CEO of Yaspa
With over 10 years of experience as a founder, as well as holding previous roles as CTO at Worldpay and Just Eat, James Neville, CEO of Yaspa, is perfectly qualified to discuss all things related to open banking and payments. He is also one of the payments sector's leading experts in identity verification. It is rather stating the obvious to note that open banking has the potential to revolutionise payments. It offers faster, more secure, and cost-effective transactions. But Yaspa's research highlights a key challenge: naming conventions matter. Pay-by-Bank, Pay by bank account, Account-to-account payments, A2A, Open banking. Instant payments are all terms used to refer to the same, simple method of a payment made from one bank account to another. That is a payment initiated through open banking providers, meaning consumers avoid the chore of typing in, checking and verifying the transfer details. 'Pay by Bank' is gaining traction, but its meaning remains ambiguous to many consumers. This is one key takeaway from the Yaspa Index 2025, launched to act as a benchmark for industry awareness and to provide valuable insights for businesses looking to optimise their payment offerings. 55% of UK adults report familiarity with the term 'Pay by Bank', but 45% remain unaware of the phrase despite its growing presence in online checkouts; Security (72%) and ease of use (66%) are the top priorities for consumers choosing a payment method; QR code payments are on the rise, yet only 27% of respondents used them for transactions in the past year, and Consumer education remains critical to driving open banking adoption, particularly in high-growth sectors such as gaming and retail. Neville tells EPI that there is still an element of consumer education that needs to happen and that it is very demographic dependent. That is a polite way of saying that towards the older range of the demographic spectrum that there is work to do, 'A lot of people are using the new tools without knowing the actual banking terms for the tools they're using. We don't expect consumers to really understand the mechanics of it. Pay by bank, knowing that you're using your banking app or the bank services to make a payment and the need to differentiate from cards - that is important.' If open banking is ever to realise its full potential, issues such as data transparency, improvements in payment execution and enhanced fraud prevention are essential. Yaspa is committed to driving these changes, working with industry partners to help shape a more seamless and secure future for open banking payments. Neville is also championing the standardisation of language related to open banking across the industry to help boost consumer understanding and adoption. The challenge then is to ensure that consumers understand the benefits to them of using instant bank payments. For example, speed, security, control and fewer input errors. And then, once consumers have used it in one place, recognising it's available as an option in another place, even if it's from a different provider. Looking ahead, Neville is optimistic that open banking can deliver a frictionless experience for businesses and consumers alike. With the right enhancements, it could soon rival - and even surpass - traditional card payments in convenience, security, and efficiency. 'We're pretty unique in the space in that we connect identity and money. So we do lots of clever things, like providing bank identity on the transaction itself, and we provide financial health of that individual at the point of payment.' Yaspa already operates across 19 European markets and is now plotting expansion in the Americas. Neville has good reason to look ahead with optimism. "Interview: James Neville CEO of Yaspa" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-06-2025
- Business
- Yahoo
Interview: James Neville CEO of Yaspa
With over 10 years of experience as a founder, as well as holding previous roles as CTO at Worldpay and Just Eat, James Neville, CEO of Yaspa, is perfectly qualified to discuss all things related to open banking and payments. He is also one of the payments sector's leading experts in identity verification. It is rather stating the obvious to note that open banking has the potential to revolutionise payments. It offers faster, more secure, and cost-effective transactions. But Yaspa's research highlights a key challenge: naming conventions matter. Pay-by-Bank, Pay by bank account, Account-to-account payments, A2A, Open banking. Instant payments are all terms used to refer to the same, simple method of a payment made from one bank account to another. That is a payment initiated through open banking providers, meaning consumers avoid the chore of typing in, checking and verifying the transfer details. 'Pay by Bank' is gaining traction, but its meaning remains ambiguous to many consumers. This is one key takeaway from the Yaspa Index 2025, launched to act as a benchmark for industry awareness and to provide valuable insights for businesses looking to optimise their payment offerings. 55% of UK adults report familiarity with the term 'Pay by Bank', but 45% remain unaware of the phrase despite its growing presence in online checkouts; Security (72%) and ease of use (66%) are the top priorities for consumers choosing a payment method; QR code payments are on the rise, yet only 27% of respondents used them for transactions in the past year, and Consumer education remains critical to driving open banking adoption, particularly in high-growth sectors such as gaming and retail. Neville tells EPI that there is still an element of consumer education that needs to happen and that it is very demographic dependent. That is a polite way of saying that towards the older range of the demographic spectrum that there is work to do, 'A lot of people are using the new tools without knowing the actual banking terms for the tools they're using. We don't expect consumers to really understand the mechanics of it. Pay by bank, knowing that you're using your banking app or the bank services to make a payment and the need to differentiate from cards - that is important.' If open banking is ever to realise its full potential, issues such as data transparency, improvements in payment execution and enhanced fraud prevention are essential. Yaspa is committed to driving these changes, working with industry partners to help shape a more seamless and secure future for open banking payments. Neville is also championing the standardisation of language related to open banking across the industry to help boost consumer understanding and adoption. The challenge then is to ensure that consumers understand the benefits to them of using instant bank payments. For example, speed, security, control and fewer input errors. And then, once consumers have used it in one place, recognising it's available as an option in another place, even if it's from a different provider. Looking ahead, Neville is optimistic that open banking can deliver a frictionless experience for businesses and consumers alike. With the right enhancements, it could soon rival - and even surpass - traditional card payments in convenience, security, and efficiency. 'We're pretty unique in the space in that we connect identity and money. So we do lots of clever things, like providing bank identity on the transaction itself, and we provide financial health of that individual at the point of payment.' Yaspa already operates across 19 European markets and is now plotting expansion in the Americas. Neville has good reason to look ahead with optimism. "Interview: James Neville CEO of Yaspa" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
18-06-2025
- Business
- Finextra
D•One delivers open banking connectivity to JaJa Finance
D•One, the open banking services business from The ClearScore Group, has announced a partnership with Jaja Finance to provide the insights-driven lender with open banking connectivity and transaction categorisation intelligence. 0 Jaja is the latest in a long line of progressive lenders leveraging alternative data to make responsible credit offers to consumers who would otherwise be excluded from mainstream lending. The partnership will enable Jaja to enhance financial inclusion by using data beyond traditional credit decisioning methods, offering a comprehensive view of a customer's financial health. This approach will ensure better outcomes for its customers. D•One offers Jaja the ability to efficiently integrate consumers' banking data into mainstream lending decisions. This data can be used to power smarter decisions, with enhanced accuracy leading to better outcomes for credit applicants and for lenders. D•One will also partner with Jaja to deliver more accurate income verification, risk insights, and affordability assessments. Tim Kelleway, Managing Director at D•One, said: 'Jaja is leveraging our enriched dataset to better understand financial behaviours and bring about more inclusive and sustainable lending decisions. This past year, we've seen a huge engagement with our proposition, and we've signed up some of the UK's most successful fintechs. The work we are doing here with our lender partners is undoubtedly changing the shape of credit decisioning in the UK, for the good of lenders and consumers.' Francesco Di Costanzo, Chief Executive Officer at Jaja, said: "Partnering with D•One to enhance our open banking offering is not just a strategic move for Jaja; it's a commitment to offering our customers simple, fair and efficient credit. This partnership is the next step in demonstrating our dedication to innovation and inclusivity. 'At Jaja, we continuously explore new data sources and innovative approaches to better serve our customers. Leveraging D•One's capabilities with our advanced analytics and risk models marks another milestone in transforming credit analytics for their benefit.' D•One uses a unique combination of extensive open banking records and credit expertise to drive immediate value for its lender clients. This includes identifying positive and negative risk indicators otherwise obfuscated in the transaction data, thereby 'splitting' the risk level of applicants and enabling up to a 60% reduction in arrears with no reduction in lending volume. As a result, it has helped participating lenders expand their risk decisioning beyond a reliance on credit reference agencies alone, enabling them to lend fairly and responsibly to financially excluded segments of society at a time where living costs have been escalating rapidly. In the last 12 months D•One's enriched open banking data has enabled approximately 120,000 consumers to receive an affordable loan that would otherwise have been declined.
