Tribe Payments has launched Open Banking APIs in partnership with Open Banking Europe.
The move makes Tribe Payments the first issuer-processor to allow its banking and FinTech clients to access the data sharing of Open Banking without developing their own Application Programming Interfaces (APIs).
On one side, Tribe’s Open Banking APIs allow banking and FinTech customers to initiate and permission data and payment requests within their existing online or mobile payment flows, and on the other side the APIs connect TPPs (third party providers) with Tribe’s clients to process that request.
Recent research from Tribe found that Open Banking is regarded as the most important financial services technology today by FinTech leaders.
Over two million customers in the UK are now using Open Banking in some form, according to the Open Banking Implementation Entity (OBIE).
However, the operational complexity and high cost of developing Open Banking APIs has been a major barrier to entry for many service providers. Tribe’s APIs allow its clients to harness Open Banking without the need for large scale investment or in-house tools.
“Open Banking promised to create competition in financial services and make way for a new wave of consumer-oriented products,” said Alex Reddish, chief commercial officer at Tribe Payments. “However, it has been difficult for FinTechs to embrace it because of the investment and resource required in developing APIs.
“Tribe has now done the hard work for them - the APIs will help create a new level playing field, driving competition and igniting innovation, just as Open Banking set out to do.”
The OBIE has recently launched a consultation on variable recurring payments rules.
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