Our Scans
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(FS.8.03) Open Banking
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Weekly Summary
[New] Open Banking, Open Finance and Open Data initiatives are further expanding financial accessibility, with Global Open Banking payments transaction values expected to exceed $330bn globally by 2027, up from $57bn in 2023.
Electronic Payments International
[New] In the coming year, we can anticipate a further shift from traditional financing to fintech and fast payments, with an increased reliance on open banking and transfers.
BizClik Media Ltd.
In 2024, open banking will go beyond the pilot services and consumers will get a new experience in banking services.
The Astana Times
Through leveraging Open Banking and instant payments, the SPAA scheme will directly support the establishment of a competitive pan-European payment solution, which is a key pillar of the retail payment strategies of both the European Commission and European Central Bank.
FinExtra
Take up from consumers and businesses for open banking will increase in 2024, as the world shifts from traditional finance to FinTech and fast payments.
CFC
Regulatory changes and initiatives, such as Open Banking and PSD2 in Europe, are opening up opportunities for innovative payment solutions and greater competition in the mobile payments space.
PAYCRON
Velo Payments and YapStone customers will benefit from faster payments and reduced transaction fees, delivered via a unified advanced global payment management system built on innovative technologies, including Open Banking, agnostic rails, and robust fraud prevention.
PR Newswire
Open Banking, Open Finance and Open Data initiatives are further expanding financial accessibility, with Global Open Banking payments transaction values expected to exceed $330bn billion globally by 2027, up from $57bn in 2023.
Retail Banker International
Current fraud prevention systems are under significant strain and struggling to keep up; the adoption of open banking services is only expected to double across European countries by 2027, putting further strain on current fraud prevention systems.
FinExtra
The PSR plays a leading role, domestically and globally, on areas such as tackling payment fraud; unlocking the full potential of open banking; and ensuring people can make payments in ways that meet their needs - be that digital or cash.
FinExtra
Open Banking is not just a regulatory requirement; it's a transformative opportunity for payment service providers across Europe.
FinExtra
AI incorporated into Open Banking could lead to the 'killer app' that will bring Open Banking into the mainstream - just as MP3 players existed for years before the iPod became the norm and in turn spurred the creation of smartphones.
TechTalks
Although the UK is only six years into building the infrastructure for the new payment model, it risks losing its pioneering lead in open banking if it grows complacent now.
CityAM
Underpinned by Crezco's account-to-account payments API, Xero will be the first major small business cloud accounting software in the UK to offer on-platform bill payments using open banking.
Medium
By late 2024, hundreds more banks and payment service providers will launch account-to-account faster payment capability, urged on by merchant sensitivity around card fees and banks delivering payment solutions to complement open banking.
The Financial Brand
Widely considered the next big innovation for payments in the UK, Open Banking Limited says VRPs will herald a new era in consumer and business banking and offer a more seamless and secure way to pay for goods and services.
FinExtra
The Consumer Financial Protection Bureau has proposed its long-awaited open banking rule in the hopes of improving competition in the US banking and payments sector.
FinExtra
Over the next five years, Forrester predicts a doubling in adoption of open banking across European countries and use cases.
Forrester
The Revolut Loans offering should be available only to French residents with zero opening charges, and due to Revolut's use of open banking, hardcopy paperwork is not going to be needed in order to turn in loan applications.
Crowdfund Insider
In the world of Open Banking, the user experience design will become the main way to understand customers and to ensure that they will choose your service out of thousands of available offers.
FinExtra
Any organization that has data of customers which may be exchanged with other entities for the purpose of providing innovative financial services within Nigeria, will be eligible to participate in the open banking system.
TheNigeriaLawyer
Last updated: 18 April 2024
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