Our Scans
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(FS.8.03) Open Banking
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Weekly Summary
[New] PSD2 enabled the rise of Open Banking across Europe, giving consumers greater control over their data and creating new opportunities for fintech companies to offer better, more personalised services.
FinExtra
Open Banking and APIs: Open banking, still awaited (but on the cards) in Pakistan, has vast potential.
TechnologyPlus.Pk
The value of open banking transactions worldwide was estimated to grow by more than percent between 2023 and 2027, from a value of billion U.S. dollars to billion U.S. dollars.
Statista
Salt Edge, a financial API platform offering PSD2 and open banking solutions, aims to help businesses worldwide embrace the potential of open banking.
The Fintech Times
For many of the UK's small businesses (one in five of which are already using open banking), open finance offers further opportunities to enjoy productivity gains, delivered by more efficient accounts reconciliation, near real-time cash flow management, and streamlined payments.
FinExtra
Open finance forms a vital part of the future of open banking, and according to a report from the Centre for Finance and Innovation Technology, delivering open finance and personal data mobility could boost UK GDP by £30.5bn a year.
FinExtra
Attendees will gain first-hand knowledge on how AI, open finance, cybersecurity, embedded banking, and fintech collaboration are revolutionizing financial services across North Africa.
Engineering Post - Leader in Engineering Journalism
Saudi Arabia's Vision 2030 includes specific provisions for open banking security, with the Saudi Central Bank (SAMA) planning to roll out enhanced security frameworks by 2025.
LeanTech SG
As the FCA integrates the Payment Systems Regulator and many of its functions, it will build on the success of Open Banking and launch Open Finance.
FCA
The successes of Open Banking in the UK show the potential for Open Finance, Open Energy and Open Property reforms to boost the domestic economy by up to 27 billion pounds.
BiometricUpdate.com
Global payment transactions facilitated by Open Banking will hit $116 billion by the end of 2025 - having increased by 2800% since 2021.
Brite Payments
In 2025, open banking will lead to increased collaboration between banks and third-party providers, resulting in more innovative and tailored financial products and services for customers.
Business Case Studies
Open banking adoption is accelerating rapidly, with 93% of businesses expecting industry momentum to increase in the next five years, and 92% viewing it as essential for future-proofing their organizations.
The Financial Brand
The FCA plans to implement the National Payments Vision by 2025, introduce new payment methods under open banking, and leverage the Data Bill to advance open finance.
Addleshaw Goddard
The Treasury will use its Smart Data powers to provide Open Banking with a long-term regulatory framework by laying secondary regulations.
FinExtra
Open banking is gaining momentum in regions such as the EU and the UK, and it is expected to drive more personalized and competitive financial services.
TechBullion
For years, proponents of Open Banking have touted its transformative potential, but 2025 might finally be the year it truly shifts into high gear.
GDS LINK
The next steps for open banking in the UK will include a new independent company to drive forward variable recurring payments.
FinExtra