Leading UK digital bank, Revolut, is bringing its open banking data aggregation feature to its one million Irish customers; the...
A new bill has been introduced in Congress that would mandate the IRS to make their data available via API; the current process for lenders requires borrowers to fill out a form known as IRS 4506-T: Request for Transcript of Tax Return; Lend Academy provides additional information on the bill with thoughts from Congressman McHenry and Nat Hoopes, Executive Director of the Marketplace Lending Association. Source
The Paycheck Protection Program laid bare the challenges banks have in moving quickly when there is an antiquated set of...
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A quarterly report published by integrated app and security platform Wallarm gives granular attention to a little-discussed but critical security concern for fintechs - their APIs.
There is no standard for data sharing between banks and fintechs which often results in screen scraping; this leads to concerns around data security and is also an inefficient way to gather data; the Financial Services Information Sharing and Analysis Center released an updated version of their recommendations around data sharing called the Durable Data API specification; this could eventually become the standard adopted by the industry; American Banker compares this to PSD2 in the UK and shares more about the new specification. Source
Back in the old days, as in last year, Lending Club regularly had more than 1,000 loans and sometimes 2,000...
Prosper is still working on a response to concerns that were raised last month in the comments of my post...
The UK government has added TrueLayer to its Payment Acceptance Framework meaning it can now provide payments for goods and...
Citi announced the launch of a new global API Developer Portal (developer.citi.com) to connect with developers and enable them to build innovative client solutions; the open architecture will help facilitate collaboration and partnerships with fintech companies and consumer brands worldwide; Citi will grant developers access to APIs across six usage categories: account management, peer to peer payments, money transfer to institutions, Citi rewards, investment purchases and account authorization; Citi plans to add more categories over time and developers are encouraged to register with Citi to use this portal. Source
In a surprise announcement yesterday Lending Club sent notice that it has decided to make some changes to the data...