Banks expect open banking to drive payments transformation, study finds

Wednesday 13 June 2018 14:27 CET | News

ACI Worldwide and Ovum have issued a survey according to which 87% of world banks plan to move forward with open APIs.

The benchmark data from the 2018 Global Payments Insight Survey on Retail Banking, comprised of responses from executives across financial institutions, merchants and billing organisations, also showed that the emphasis on real-time payments has doubled from 31% to 62% within a 12-month span.

  • Other findings from the study include: Banks reporting a clear strategy for developing APIs increased by 47% within one year.

  • 73% of banks were willing to open up their APIs to third party developers.

  • Banks that now expect real-time payments to drive revenue growth increased by 60% in one year.

  • The number of banks currently investing in real-time payments solutions doubled in a year, with 28% planning to make future investments.

  • Real-time payments drive a new wave of real-time payment hub investment for 43% of respondents.

Real-time is becoming a reality with 78% of banks and 68% of merchants globally stating that the combination of immediate payments and open banking will drive a decline in the importance of payment cards.

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Keywords: ACI Worldwide, Ovum, API, study, survey, Open Banking, 2018 Global Payments Insight Survey on Retail Banking
Countries: World