While the financial services market has been slow to swing behind Open Banking since the launch of PSD2 a year and a half ago only 11% of merchant respondents admitted that they have not yet assessed the impact Open Banking will have on their business, with just 2% of them believing that Open Banking would have no impact.
The research, undertaken by Censuswide, also found that merchants had a good understanding of the full range of benefits unlocked by Open Banking; with reduction in transaction fees, instant receipt of payments, improved access to loans and reduced security risk ranked in the top four.
Importantly, the Nuapay research found merchants not only understand the advantages for themselves but also have a strong grasp of the knock-on benefits to their end customers; chief among these were greater control (68%) and improved customer experience (51%).
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