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Open Banking Regulations Are Encouraging Competition & Innovation in Financial Services Whether we’re talking about the amended Payment Services Directive (PDS2) in the European Union, the Consumer Data Right (CDR) in Australia, or consumer-directed finance here in Canada, there’s an underlying trend in the financial services industry that’s gaining momentum beyond geographical borders: Financial regulators are taking calculated steps toward

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What Is the Revised Payment Services Directive EU (PSD2)? The Revised Payment Services Directive (PSD2) is a European electronic element payment services regulation intended to make electronic and online payments more secure throughout the European Union. Initially proposed in 2013 and officially taking full effect on September 4, 2019, the PSD2 amendment introduced changes in the European financial landscape that

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There’s a Different Kind of Disruption in FinTech This week was supposed to be different. I had plans. I was supposed to be researching the roots of consumer-directed finance in Europe and taking a close look at the regulations paving the way for open banking in the United Kingdom. Enthralling, right? I was reading news articles, downloading documents, and combing

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An Introduction to Neobanks Neo is one of those word forms that acts as a kind of Game Genie to other words. If you’re missing the reference here, let me help. Game Genie was a popular line of videogame cheat cartridges from the 1990s that you would attach to other videogames. It allowed users to modify a pre-existing game, manipulate

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Why Are Some Banks Called Challenger Banks?     There are all sorts of names for types of banks these days. We have challenger banks and neobanks and Banking as Service banks or BaaS banks. It’s not like it used to be when a bank was just a bank and things were black and white. No, things are changing! Banking

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What Is Banking as a Service (BaaS)?   No, it’s not a freshwater fish—you’re thinking bass. It’s OK, you’ve probably been locked inside for months like the rest of us, so it’s perfectly fine if you’d rather fantasize about fishing right now. You know what, let me help: Here’s a moss-covered cabin deep in the woods, the smell of pine

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Safe and Simple Investing with Guaranteed Investment Certificates (GICs) Imagine taking a handful of cash, digging a small hole in your backyard, and planting that cash in the ground. You pat the soil with your shovel. Wipe the sweat from your forehead. Sure, it may seem a little insane. Maybe the neighbours start talking, but it doesn’t faze you. You’re

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What Are Nominee Name GICs and How Are They Different than Client Name GICs?  Let’s be honest. GICs aren’t the most exciting investment options out there. That shouldn’t come as a surprise. I mean, have you ever sat and watched a tree grow? Of course not. And investing in GICs is kind of like that. You put your money into

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What Are Open Banking APIs? Banking has always had its interfaces. They’ve just changed over time. Let’s go back some years to when you were a kid when the bank was a physical branch with walls and a roof, and your parents waited in line for an available teller in order to pay a bill or deposit a cheque or

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Cashable GICs vs. Redeemable GICs GICs require commitment. And commitment is tough. Don’t take my word for it, though. Do you wish to redeem your money at any time from GICs? Then, redeemable GIC gives you this option. Just ask that one distant aunt of yours. Let’s call her Aunt Darlene. You know the one—she’s the aunt who isn’t reallyRead more