By Najiyya Budaly (Nov 16, 2021, 3:33 p.m. GMT) – Britain’s antitrust watchdog has agreed to a six-month deadline to open banking rules that will allow consumers to automatically transfer their funds between accounts, after they have surrendered UK’s biggest lenders will not meet the January implementation date.
The Competition and Markets Authority said on Monday that standards for what’s known as sweeping – the automated movement of money between a client’s accounts – would instead come into effect by July.
Open banking rules, which were introduced in 2018, allow businesses that are not banks to access accounts receivable to enable them to initiate payments, with the aim of increasing competition on the …
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