As the Australian Open Banking regime starts to gather some much-needed momentum, part of the discussion circles back around to the thorny issue of Electronic Data Capture (aka screen-scraping).Screen-scraping is universally loathed by banks as it involves the sharing of online banking log-in credentials which, banks say, breaches their T&Cs.However, in the absence of any other mechanisms for consumers to share their data to achieve "better" financial outcomes, screen-scraping has become ubiquitous in the Fintech space.Can Open Banking and screen-scraping coalesce in harmony? Ben 'Fintech' Ford weights up the pros and cons.https://www.fintechbusiness.com/blogs/2245-screen-scraping-and-the-future-of-open-finance-in-australia
The UK's roll-out of the Open Banking, which, given its two-year head-start on Australia's regime, is often used as a pointer for future adoption and success, hit a major milestone last week as it was announced that 5m users have now engaged with and used Open Banking.Particularly impressive was that growth from 4m to 5m was achieved in just 4 months, much faster than previous 1m user increments.This suggests that consumers & businesses are moving to embrace tools and services that enables them to move and manage their money much more readily.https://www.openbanking.org.uk/news/open-banking-passes-the-5-million-users-milestone/
Life admin is a chore. Often it's easier to pay the bill from your current supplier (e.g. phone, insurance, electricity) rather than do the leg work to shop around.Get Reminded is a free app that understands there are two equally important parts to solving this problem.Even better than a reminder is a curated, relevant and timely offer from a trusted supplier.And that's what GetReminded delivers. Alerts are sent well before expiry, so you can shop around and avoid paying the loyalty tax.https://www.getreminded.com/Photo of GetReminded Co-Founders L to R: Tim Nicholas, Silje Dreyer and David Wareing.
Many migrant workers around the world face entry barriers to the banking system such as minimum balance requirements, required credit history, and lack of trust in formal institutions. As a result, many are excluded from the traditional banking system, and struggle to find safe and effective ways to accumulate money and transfer funds back home.Israeli fintech neobank called Rewire is already operating in 20 European countries offering digital wallet, insurance, global remittances, debit and credit cards to the world’s 270 Million unbanked migrants.Learn more about investing in this company and helping them solve this very important mission: https://israeltrade.org.au/2022/01/25/rewire-the-go-to-neobank-for-t
