VibePay CEO: 90-day rule change by the FCA is crucial for UK fintech

Commenting on the FCA’s move to change the 90-day rule, meaning from 26 March 2022, banks should only authenticate for the first access request of an account information service provider, Luke Massie, CEO of VibePay said: “This is a huge step forward for open banking, and a critical step forward for the future of fintech innovation in the UK.

“It will significantly improve the experience for customers without the need to re-link accounts – a barrier which left many fintechs fighting an uphill battle to keep users onboard and engaged. Firms will also be able to access ongoing transactional data to provide solutions and services which better fit the requirements of consumers.

“Owning the relationship with customers is the industry’s opportunity for value creation and future revenue generation. This news will help the sector develop its offering and give the UK a well-needed boost in its journey to becoming a global leader in fintech innovation.”