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JROC will also help focus attention on the economics of Open Banking by introducing the idea of premium APIs, he says. “A One area where the industry is already seeing innovation is with Variable Recurring Payments (VRP) and the upcoming commercial pilot for low risk use cases for financial services, utilities and governmentpayments.
Paymentinitiation and account aggregation were frequently discussed, showing their potential to impact financial services. Interestingly, it appears that although Saudi banks were initially cautious about open banking, many are now recognising it as a valuable opportunity for growth.
Faster payments schemes across the globe are placing new definitions on what it means to be fast, especially as more initiatives heard towards real-time transacting. In the three years since FIS began this annual report, the number of real-time payments programs more than doubled, researchers noted.
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