SHIFT Community Update #31
We're back!!
Hey SHIFT Community, I hope you all had a wonderful festive break and hello 2025!
Monday was National Rubber Duck Day. It may seem like a silly day but rubber ducks are very useful in problem-solving. It comes from debugging where developers explain their code or problem to a rubber duck to clarify their thoughts and identify solutions.
I used this when trying to make Open Banking, Finance and Data as simple as possible. So the next time you are struggling to clarify and communicate your thoughts, try speaking to a rubber duck.
SHIFT Updates
🌐 Expanding Horizons: Middle East Fintech Opportunities. Tuesday 11th February, 12:00-13:00 GMT; Join us for a webinar with key international delegations and financial institutions from Saudi Arabia and Dubai cover key aspects such as regulatory environments, market demand, partnership opportunities, incentives and support for new entrants.
👋 Jamie Dawood joins the SHIFT team! Supporting us with all our new initiatives and big plans for 2025, feel free to reach out to him on Slack!
🏠 Building Societies Annual Conference 2025. 7 & 8 May 2025, Birmingham; the place to be for Building Societies, each year we get a SHIFT Fintech stand with six of our members to make exhibiting more accessible; more information is attached below.
📈Spaces are open in our exclusive SHIFT+ programme and UK FS Market Entry and Expansion Programme. Exclusive programmes in collaboration with Woodhurst to help Fintechs understand and reach UK Financial Institutions. Reach out if you want to find out more.
Member Updates
🐿️ Money Squirrel formally launches with a bang! Our Ignite member Money Squirrel has finally launched, click on the link to read all the PR!
🤝 Sikoia partners with Y3S to enhance customer verification processes
📲 Open Banking Connector now supports PISP domestic payments and VRPs an open-source, free-to-use, customer-driven client for UK Open Banking.
If you have news that you want to be included here then make sure to post it in the #news-and-views channel on Slack or tag Kyle in your posts!
Partner News
💸 OakNorth Business Bank Accounts. SHIFT has partnered with OakNorth to support their business banking proposition offering high-interest rate accounts (4.5%), with a dedicated business partner (an expert to help you seize new business opportunities) and access to a network of like-minded founders (all high-growth and successful companies). Please reach out if you would interested in a conversation.
🎤 Early waitlist launched for Rare Founders Demo Day. Make sure to sign up early!
Resource Recommendation
National Payments Vision
Released in November last year the UK's “National Payments Vision”, outlines the government's strategy to establish a world-leading payments ecosystem that is trusted, technologically advanced, and offers a variety of payment methods.
Key Components of the Vision:
Strengthening Current Foundations:
Regulatory Framework: The government aims to streamline the regulatory environment by enhancing coordination among bodies.
Driving Innovation, Competition, and Security:
A key focus on developing open banking into a commercially sustainable model that enhances consumer and merchant choice.
The PSR will review APP fraud reimbursement policies to ensure robust fraud mitigation measures and consumer protection standards are integrated into the regulatory framework.
The government reaffirms its commitment to exploring a retail digital pound (Central Bank Digital Currency - CBDC).
Implementing the Vision:
Payments Vision Delivery Committee (PVDC): To oversee the implementation, the government is establishing the PVDC, comprising senior representatives from the Bank of England, FCA, and PSR, and chaired by HM Treasury. The committee will coordinate efforts, prioritise initiatives, and publish a sequenced Payments Forward Plan to guide the ecosystem's development.
Vision Engagement Group (VEG): Supporting the PVDC, the VEG will include representatives from financial services providers, fintech companies, merchants, and consumer organizations to ensure that diverse perspectives inform the committee's decisions.
Open Banking and Digital Identity:
Open Banking: The FCA will assume oversight of Open Banking regulation, aiming to establish a sustainable commercial model that benefits data holders while ensuring appropriate consumer protection. A new central body will replace Open Banking Limited to further these objectives.
Digital Identity: The Vision highlights the importance of robust digital identity verification systems. The Data (Use and Access) Bill will create a legal framework for digital verification services, promoting innovation while safeguarding security.
If there are any resources you find enjoyable, useful, or interesting then let me know :)