The UK Government has taken a step closer to realizing an open banking framework with the announcement of a series of measures by the Competition and Markets Authority that are designed to encourage UK banks to “work harder for customers” by forcing an open banking model on the industry.
Australia introduced a Consumer Data Right roughly a year ago. While the government plans to enforce the right in the banking sector first, no legislation has yet compelled implementation. Nevertheless, Data61 published a working draft standard for the core standard principles and a banking API.
In preparation for this month's change to Automated Clearing House rules, Dwolla is updating its white label API to allow customers to opt-in (on a transaction by transaction basis) to an ACH option that specifies how a transaction should settle on the same day (provided other conditions are met).