The Paypers releases the Open Banking Report 2019

The 2019 report clarifies the role of key key-players in a post-September 14th world and assesses how the landscape has shifted within Europe and beyond, highlighting trends that should shape the Open Banking industry in the year ahead, and looking at how regulatory changes and competition could influence the Open Banking ecosystem.

Structured in seven comprehensive chapters, the present edition of Open Banking Report offers a holistic view of a now-mature concept, going into particular areas such as the impact of Open Banking on payments, particular strategies taken by both banks and TPPs to adapt to regulatory and market requirements, new business models and propositions, the highly-debated issue of customer engagement and education, regulatory compliance, along with risk, security and SCA. We started by comparing and contrasting different regimes and initiatives across the globe in order to fully understand how regulatory, technological, and financial innovation has evolved so far:

• An in-depth analysis of the key-decisions for the future ecosystem – covering, in a well-structured form – the most important updates on a world level of the Open Banking initiatives in place or evolving right now (INNOPAY and The Paypers)

• An analysis on where Open Banking is heading and who’s in the lead (ndgit)

• Exclusive Interview with Imran Gulamhuseinwala on the UK’s Open Banking Progress (Imran Gulamhuseinwala, OBIE)

• An overview of where PSD2 is placing itself right now (PPRO), diving deep into the state of Open Banking in Europe (Oliver Wyman), all the while turning to the point of view of new entities such as the European Third-Party Providers Association

• Exclusive Interview with Christian Schäfer and Arturo González Mac Dowell, co-chairs of the Euro Retail Payments Board on the SEPA API Access Scheme

• Exclusive interview with Scott Farrell, Chair of the Australian Government’s Open Banking Review, on Open Banking in Australia

• Open Banking in Asia: a bifurcated, but likely successful future (Kapronasia)

• Analysis on India’s Digital Payments Boom (Accenture)

• Interview with Adédèjì ?l?´w?` on Open Banking and Its Potential to Facilitate Financial Inclusion (Open Banking Nigeria)

We also turned our attention to Open Banking and impact it has on the payments environment, in a suite of insightful editorials and interviews, as follows:

• How to use payment initiation services to maximise consumer experience (Trustly)

• The impact of Open Banking on payments and changing the traditional retail banking model (Form3, VOLT)

One cannot talk about today’s Open Banking state of play without touching upon the most relevant strategies and innovation and the new business models & propositions that emerged out of PSD2:

• The PSD2 Paradigm shift explained (Worldline)

• Interview with Mastercard on the opportunities arising from Open Banking and an interview with the Financial Conduct Authority about how Open Banking fosters the conditions for competition and innovation

As such pivotal elements in the Open Banking narrative, it is crucial to look at best practices from banks, in the dawn of PSD2:

• Open Banking in the world of platforms (Citi)

• Key insights on several important banks’ Open Banking journey (Lloyds, BBVA, Standard Chartered)

Customer engagement and consent management play a crucial role in order for the adoption rate of the new solutions to rise:

• Digital consent management is key for data opportunities, according to Euro Banking Association

• Open Banking consumer education, analysis from INNOPAY

Regulatory compliance, security, strong customer authentication, and fraud prevention are the building blocks of gaining trust and delivering on the promise of Open Banking:

• How to transform PSD2 and strong customer authentication into opportunities (Feedzai, LexisNexis Risk Solutions)

• Building trust in the financial digital ecosystem (HID Global)

• Financial crime prevention in the context of PSD2 (EVRY)

No discussion about the current state of Open Banking is complete without tackling the complexity compliance, regulations, and standards:

• The challenges presented by TPP identity and regulatory checking (Polymath Consulting)

• The obstacles are PISPs facing on their journey to take full advantage of PSD2 (Penser)

The Open Banking Report 2019 concludes with an insightful infographic whose aims is to map the third-party providers that encompass the complex TPP ecosystem created by Open Banking.

The report contains some very useful educational insights and great contributions from INNOPAY, on several pivotal topics such as – apart from the global state of play of Open Banking regimes – updates from their annual Open Banking Monitor, analyses on the opportunities presented by Open Banking, next-generation business models for insurers in an open data economy, or the challenges presented for TPPs in using XS2A.

The new edition of The Paypers’ Open Banking Report is endorsed by crucial entities and consultancies for the industry such as Open Banking Implementation Entity, Holland FinTech, and Currency Research.

As we, here at The Paypers, strive to provide a valuable educational background with a special emphasis on the global Open Banking ecosystem, we recommend this read for all the experts in the field, by downloading a free copy here.