It can be easier for Facebook and Google to get into UK banking thanks to new rules starting Saturday

according to Open Banking rules come into force in the UK on Saturday, January 13. The rules force banks and payment companies to share information with 3rd parties if customers agree. LONDON — New rules come into force in U.K. this day which force banks to unlock up their information to outsiders. The new rules force Britain's 9 biggest banks to share customer information with 3rd parties if a customer agrees. Richard Morgans, head of digital and fintech at TSB, is optimistic about unlock Banking.

The UK's "Open Banking" directive opens the door for Facebook and Google to handle your finances — Quartz

New rules that are fraction of a UK directive called unlock Banking target to make it easier to compare and switch UK banks. That means 3rd parties going to too be enable to of make payments on behalf of customers, or manage their finances for them. This opens the door for tech companies like Facebook and Google, that have been trying to break into banking without in reality becoming banks. Both Facebook and Google have waded into payments in the UK with products like Pay with Messenger, that released in November, and Google Wallet, where you can send payments via email. And Google Pay can someday be used as freely as it is in the US, where users pay for travel via applications such as Airbnb, or purchas goods in physical stores.

Extremist content is on Facebook and Google ahead of Senate hearing

referring to Even as executives from Google and Facebook prepare to testify in forehead of the Senate on how they're combating extremist content, the net giants are struggling to save it off their sites. All of the content that was brought to the attention of Google and Facebook with CNBC was removed within 24 hours of notification. "Terrorists are Utilizing Google and Facebook tech to run what are essentially sophisticated media marketing campaigns," told Eric Feinberg, co-founder of the universal Intellectual Property Enforcement Center, or GIPEC, that tracks extremist content online. Facebook, YouTube and Twitter are sending representatives to Washington, D.C., on Wednesday morning to testify in forehead of the Senate Commerce Committee in a hearing titled "Terrorism and Social Media: #IsBigTechDoingEnough?" CNBC initially disclosed some of the violent videos and posts while reporting an earlier story on Facebook users who had been closed out of their accounts with hackers.

collected by :Roy Mark