At least the Bristol bars didn't try to say it was for the customer, unlike Cardiff's phony "and enhance the customer experience"
Having to use a card often does not enhance my experience and makes it too easy to overspend, when alcohol is involved, whereas cash, when it is gone you know you have overspent.
3rd parties want access to your data so that they can sell you stuff, like loans or insurances, or even different bank accounts.
So for an additional attack vector, you can have more spam/junk mail.
"Open Banking will hand control of this data from the bank over to the consumer, allowing a personal customer or small business to share their data securely with other banks and third parties."
Call me cynical, but what could possibly go wrong with that?
These APIs are another attack vector for those out there who want to steal your money and I will take a bet that we see a successful attack within a year of them becoming available.
I don't think so.
I think that this is where if you deal with Bank A, and allow it, Bank B can see stuff about your relationship with Bank A so that they can advertise their "superior" services to you.
PS - Equifax. We still don't know how many UK people are involved, or what data may have been stolen.
When I first read of this a couple of days ago, the suggestion was that many financial institutions will say that you already have opted in when you signed up for their services.
I have prepared an opt out letter that I will be sending to any and all financial institutions that I have any dealings with, personal or business.
And what could possibly go wrong with my data being shared around on the internet?
"over one fifth of companies had received fake invoices"
I can't remember at time when fake invoices were not arriving at companies I worked for.
I would suspect that their research is flawed if they find only 1/5th have received them.
And as for duplicates being paid, don't their accounting systems check for duplicate invoice numbers from the same supplier? Aren't they matching invoices to orders?
What about MY security?
Now that all is available to anybody, signatures together with names, addresses, dates of birth of company officials are freely available to all and sundry.
I wonder if we are going to see a massive increase in identity theft?
Small Business Act
Usually taken as less than 250 employees, but
" 33 Definitions of small and micro business
(1) This section applies where any subordinate legislation made by a Miniser
the Crown (the “underlying provision”)—
(a) uses the term “small business” or “micro business”, and
(b) defines that term by reference to this section.
(2) In the underlying provision “small business” means an undertaking other
a micro business (see subsection (3)) which meets the following conditions
(“the small business size conditions”)—
(a) it has a headcount of staff of less than 50, and
(b) it has—
(i) a turnover, or
(ii) a balance sheet total,
of an amount less than or equal to the small business threshold."