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What is Open Banking?

Updated: May 23


"As we all know, our world is constantly evolving, modernising and innovating, creating ways to make our day-to-day lives easier….. and banking is no exception.


In 2018, ‘Open Banking’ was introduced in the UK, thanks to new legislation that simplifies payment transactions and protects your data. Open Banking allows only regulated organisations - such as fumopay - access to banking services that have historically only been accessible within your bank or between banking systems.


By opening up such access in a secure manner, 3rd party organisations such as fumopay can accelerate innovation and build new services that take advantage of information & services to bring greater value to the banking customer.


Banks have had the monopoly on mandating their services (and ever-rising fees) to customers for too long. Not only does Open Banking bring new competition directly to these banks, allowing fees to become more competitive, it also allows companies like fumopay to design solutions that can have a real impact on customers' daily lives.


Whether you wish to consolidate all your bank accounts, savings and investment information in one app, or use open banking to pay faster and more securely using just your mobile device. With over 5 million (and counting) active users in the UK, Open Banking based applications and services are rapidly becoming commonplace in our society. The term ‘Open Banking’ is not a product or service, it’s a set of services working for you in the background, designed to bring efficiency, convenience, security and value to your daily lives. "


- Kevin Ludford, Founder and CEO of fumopay



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