NEWS
UK will lose its leadership in Open Banking without focused action
new report released has claimed that the UK , the first
A mover and , until now , seen as a global leader in Open Banking will lose that leadership position this year unless drastic action is taken .
The Global Open Finance Index , a report released by Open Banking Excellence ( OBE ) is an in-depth , data-driven exploration of the global state of Open Banking featuring insight from more than 400 Open Banking and Open Finance experts from 23 countries . It builds on the data from a set of expert interviews conducted by the University of Oxford with secondary data from the World Bank , the IMF and Dealroom . co .
Helen Child , CEO and Founder of Open Banking Excellence , said : “ The Open Banking space represents a huge export opportunity for UK firms . UK tech companies have the knowledge and experience to support countries across the world to positively impact their economy , society and environment , while at the same time addressing an export-lead market that has been estimated to be worth up to US $ 416 billion per year by the end of the decade .
“ That position is now at risk , due to a stagnant situation at home combined with enormous acceleration in the pace of global competition meaning there ’ s a real challenge to that leadership position we ’ ve enjoyed .”
Temenos to help banks tap global corporate credit growth
Temenos has launched the next-generation of its AI-driven ,
Corporate Lending solution to enable banks to consolidate global commercial loan portfolios and unify servicing all on the Temenos banking platform .
The solution simplifies complex loan processing and life cycle management across lending lines and geographies , addressing the needs of large Tier-1 as well as regional banks , many of which are struggling to seize the growth opportunity in corporate lending due to disparate systems and a lack of integration .
“ With Temenos , Allied Irish Bank is working to streamline business credit onto a single platform to deliver a modern , flexible solution that will provide business credit capabilities to all AIB ’ s customers ,” said Pat O ’ Sullivan , IT Director , Customer Platforms , Allied Irish Bank . “ We are consolidating disparate systems and removing complex , manual processes , which in turn reduces cost , and it enables us to rapidly respond to our customer demands and enhance our service . This is one of the most fundamentally important and strategic programmes underway at AIB and is at the center of our ambition to transform the bank .”
Today , most banks are using decades old , different systems for different types of corporate and SME lending , for example multiple systems for bilateral loans , for asset finance and syndicated lending which results in complex workflows and increased servicing costs .
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