Open banking usage numbers hit two million in UK for big nine

The number of people using open banking-enabled products has grown to more than two million in the UK, increasing from one million in January.

The Open Banking Implementation Entity (OBIE) argues that the one million increase in over eight months is impressive progress considering the challenges of COVID-19. The OBIE is the body tasked with making open banking happen in the UK.

This new number means that of the 66.65 million people living in the UK, around 3% are now using open banking-enabled services.

The OBIE takes its figures from the UK’s top nine banks. That is: Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander.

The OBIE says open banking adoption climbed at an average rate of around 160,000 users per month

So, the two million does not include the progress made by digital disruptors.

“The headline number is only … Read the rest

Why Joe Biden is better than Donald Trump for the US economy | Nouriel Roubini

It’s a myth that Republicans handle the economy better – US recessions almost always occur under the GOP

Joe Biden has consistently held a wide polling lead over US President Donald Trump ahead of November’s election. But, despite Trump’s botched response to the Covid-19 pandemic – a failure that has left the economy far weaker than it otherwise would have been – he has maintained a marginal edge on the question of which candidate would be better for the US economy. Thanks to Trump, a country with just 4% of the world’s population now accounts for more than 20% of total Covid-19 deaths – an utterly shameful outcome, given America’s advanced (albeit expensive) healthcare system.

The presumption that Republicans are better than Democrats at economic stewardship is a longstanding myth that must be debunked. In our 1997 book, Political Cycles and the Macroeconomy, the late (and great) Alberto AlesinaRead the rest

The importance of MACU at the WSJ

Wall Street Journal chief product and technology officer Louis Story writes about the importance of members, audiences, customers and users. Story writes, “The department I run at The Wall Street Journal — Digital Experience & Strategy...

The post The importance of MACU at the WSJ appeared first on Talking Biz News.

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SpotOn secures $60m Series C funding round from DST Global

Software and payments firm SpotOn has announced $60 million in a Series C funding round led by DST Global.

SpotOn has raised $110 million in 2020 alone.

This latest injection means the firm has raised $190 million since its founding in 2017. It has raised $110 million of that in 2020 alone.

SpotOn provides payments tools to merchants and small and medium-sized enterprises (SMEs). It also offers marketing, review systems, analytics, and custom-made loyalty schemes.

“SpotOn is committed to SMEs by providing them with the tools they need to thrive in any climate,” says Matt Hyman, co-founder.

“We will continue to create innovative products and further our go-to-market approach to ensure merchants nationwide have access to the tools they need to run their businesses.”

SpotOn has offices in San Francisco, Chicago, Detroit, Mexico City, and Krakow. It employs more than 1,000 people.

The firm says that the COVID-19 pandemic has … Read the rest