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Flux secures FCA authorisation

Green Box | 07:27 Wednesday 24th January 2018

Flux has secured authorisation from the FCA under the new Open Banking regulations.

The account information service provider has become one of the first to become authorised under the new regulations, which went live on 13th January 2018.

Flux believes that Open Banking will provide the most significant change in the financial industry in our lifetime, but admitted it would take time for the impact to be felt as the industry adjusts.

“We're going to witness financial innovation at its best,” said Flux.

“Flux [is] at the core of Open Banking as we're supporting the Open Banking Implementation Entity in the managed roll-out.

“We believe it's critical that we work together as one ecosystem to fully test the system over the next six weeks to get live products using Open Banking APIs launched faster.”

Flux said there would be no change in the service it currently provides to customers across Starling Bank, Monzo and soon Barclays Bank.

Flux added that the new authorisation underlined its commitment to the highest levels of transparency, security and diligence when it came to handling customers' transaction data.

It added that it was exploring complementary ways to work with the Open Banking APIs and had an Open Banking event and product launch scheduled for 16th February 2018.

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