Article: Mastercard Report Finds UK and Nordics Lead Open Banking in Europe

Money, Open Governance

Mastercard Report Finds UK and Nordics Lead Open Banking in Europe

According to a new report by Mastercard, which conducted in-depth research into how prepared European countries are to embrace the open banking ecosystem, the Nordic countries have been crowned best placed to take advantage of it, together with the UK.

Open banking is fast becoming a worldwide phenomenon. It empowers consumers and businesses to take control of their financial data and their financial futures while stimulating competition and innovation among financial service providers. The report – ‘Open Banking Readiness Index: The Future of Open Banking in Europe’ – found the Nordics’ and UK’s digital infrastructures ensure the countries are very well-placed to allow widespread use of this concept.

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Article: FDX,Reports 16 Million Consumers Using API,Claims Canada,US lead in Open Banking Adoption

Money, Open Governance

FDX, Reports 16 Million Consumers Using API, Claims Canada, US lead in Open Banking Adoption

The Financial Data Exchange (FDX), an organization that aims to bring the financial industry under a common standard for financial data access, has claimed Canada and the United States are “global leaders” in open banking adoption.

FDX, which only operates in the United States and Canada, recently reported 16 million consumers in Canada and the United States are using its FDX API for open banking and open finance data sharing. Headquartered in Reston, Virginia, FDX aims to bring together financial institutions, FinTech firms, and other stakeholders around a common standard for data sharing across the entire financial industry.

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Article: New Report: Open Banking Is More Than Ready For Its Full US Debut

Money, Open Governance

New Report: Open Banking Is More Than Ready For Its Full US Debut

Open banking is a reality in the United Kingdom, and coming soon to American shores in its digital-first dazzle, in no small part built on foundational work done in markets like the U.K.

“Open banking usage in the U.K. doubled in 2020, and open banking technology powered 6 billion calls through FinTech APIs and more than 4 million consumer transactions, according to the Open Banking Implementation Entity (OBIE), the body overseeing open banking in the country,” according to PYMNTS March 2021 Open Banking Report, a TrueLayer collaboration.

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