Article: Opening up banking: the emergence of open banking ecosystems

Money, Open Governance

Opening up banking: the emergence of open banking ecosystems

Modern banking is characterized by fierce competition from fintechs, technology giants and changing customer expectations. Banks are increasingly leveraging technology to modernize themselves and deliver personalized, convenient, and comprehensive products and services to customers.

As such, open banking models are gaining momentum and will most likely be the norm for the sector in the years to come. In fact, studies indicate that open banking users are expected to increase from 18 million in 2019 to 40 million in 2021. The ongoing pandemic is also contributing to the growing acceptance of open banking as end users seek better insights into their overall financial health.

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Article: Corporates begin to embrace open banking

Money, Open Governance

Corporates begin to embrace open banking

When regulators developed the principles of open banking and the revised Payment Services Directive (PSD2), their primary intention was to encourage innovation and drive greater competition, so that consumers and small businesses could access a wider range of financial services.

However, open-banking application developers have not ignored the corporate sector. Various companies have introduced solutions in areas such as treasury management, managed IT services, and digital receipts and invoicing.

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