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November 30, 2022
Finance Technologies

Tide thinks bank data fees could speed up the UK’s open banking adoption

Business banking challenger Tide has suggested the UK introduce fees for banks’ data to drive faster adoption of open banking. The sector has long felt divided over the progress of open banking adoption. Whilst some think three million Brits using the technology since its lawful introduction in 2018 – that’s 4.5% of the population – is fast, others like Tide believe banks are still dragging their feet. Whilst the retail sector trails behind, last year saw a spike in businesses adopting open banking The fintech start-up submitted a suggestion to the Competition and Markets Authority’s (CMA) open banking governance consultation,…
Tide thinks bank data fees could speed up the UK’s open banking adoption

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