The Paypers releases the global infographic and industry mapping of key players in Open Banking

An INNOPAY and The Paypers Open Banking survey, which was conducted in May 2020 amongst over 2000 financial institutions and banks, shows that most financial institutions don’t yet know what Open Banking can do for them. Moreover, the survey brought to light the need for guidance concerning who is who in Open Banking and a clear overview of key players in the ecosystem.

With more and more Open Banking promises, financial institutions need to better understand their customers, all the segments, allowing for more tailored offers and propositions. Moreover, financial institutions must keep track of these new Open Banking tech providers, be aware of them, and choose the right Open Banking partner in their digitalisation journey. 

With this in mind, we created a global scale outlay of the global Open Banking ecosystem in the guise of a thorough infographic and industry mapping of the key solution providers in Open Banking.

The global industry mapping delineates 8 core categories in Open Banking, as follows:

• Open Banking enablers;
• API connectivity for payment initiation;
• API connectivity for data retrieval & value-added data solutions and services;
• Consent management;
• Third-party providers checking and repository;
• End-user solutions and propositions;
• Fraud/risk/security;
• Bank in the box/banking-as-a-service/core banking infrastructure.