The Paypers releases the new Global Open Banking Report 2020

Thursday 1 October 2020 14:40 CET | News

The Paypers has released a new edition of the Global Open Banking Report 2020 that depicts the sinuous, but steady road that goes beyond Open Banking - into the Open Finance and Open Data Economy

Building upon previous editions, The Global Open Banking Report 2020 presents how Open Banking has developed over the last four years and follows the journey towards Open Finance and Open Data Economy.

The report is dedicated to banks, fintechs, treasures, challengers, regulators, technology providers, payments solution providers, APIs developers, corporates, SMEs, (e)commerce, and marketplaces solution providers interested in learning more about the trends that shape the Open Banking industry, how companies are looking to develop new services for consumers and businesses, who are the key players in Open Banking, and what are their core offerings.

Download the report to find insights into:

The global evolution of Open Banking

Traditionally, banks have taken an inside-out approach to business and have designed products and services for customers based on internal business models, with little regard to the customer’s needs. But openness is disrupting the banking industry.

  • Key insights from Boston Consulting Group (BCG), Luxhub, Plug And Play, Payments Solved reveal what worked so far in the financial services world as a result of opening data and what further needs to be addressed to make Open Banking a real success.

    Open Banking promising use cases and propositions

    Coupled with technological progress, changes in consumer behaviour, competition, regulations, Open Banking forces banks to open up to provide personal, instant, relevant, and seamless services for both end-consumers and businesses (corporates, SMEs, etc.).

  • Editorials from Aite, Bankifi (Request to Pay - RtP), Deutsche Bank (eKYC for B2B segment), HSBC (FX Flexpay – automated international payments), ING (DealWise – digital shopping platform), JP Morgan (real-time view of cash balances), Senior Advisory (the benefits of Open Banking for the corporate world), Moneyhub (variable recurring payments), Starling Bank (APIs Marketplace), Trustly (Open Banking ePayments - OBeP), Worldline (Green Banking) present open payment use cases that help companies to provide better payment experiences that replace legacy payment methods.

    Who are the Open Banking accelerators?

    Open Banking is seen as a partnership and cooperation model that is enabled by Open APIs, where the banks and their partners work together to provide the best solutions to the customer and work on a revenue sharing model.

  • Editorials from Holland FinTech, INNOPAY, Raiffeisen Bank International (RBI), and company profiles from kompany, Ozone API, ThreatMark, TrueLayer, Typing DNA, Unnax, offer real examples and emerging technology ideas that accelerate the digitalisation of financial services.

    Lessons for making open finance a success

    Open Finance is built on the Open Banking principles; however, it is only going to reach its potential if there are regulatory principles in place. Open Finance needs to address some problems, such as infrastructure issues and API standardisation.

    Furthermore, the risk and challenges associated with Open Finance are mainly related to data access, the misuse of data, and ensuring that Open Finance protects consumers and builds trust among them. Still, this shouldn’t stop the initiative’s progress, especially if we think of the digital customer experience as a key differentiator and the competition coming from bigtechs like Apple, Google, Tencent, and Ant Group who are increasingly moving into financial services.

  • Editorials from BBVA, De Nederlandsche Bank (DNB), ETPPA, Konsentus, Open Banking Implementation Entity (OBIE) discuss what it takes to boost uptake of Open Finance and how to remove the complexities associated with TPP checking.

    Worldwide current state of affairs of Open Banking

    All in all, it is vital that we build upon the lessons learnt from the rollout of Open Banking in other parts of the world, and utilise our existing learnings, assets, and capabilities, to realise the transformative potential of Open Finance.

  • Contributions from Bank of America (US), HSBC (Hong Kong), Kapronasia (Asia), KPMG (Australia), Spiralem (LATAM), Sterling Bank (Nigeria), The Digital Fifth (India) teach the Open Banking geography by sharing particularities of implementation/approach in different areas across the globe.

Besides the editorials, grouped under features such as Open Banking enablers, API connectivity for payment initiation, API connectivity for data retrieval & value-added data solutions and services, Consent management, TPP checking & repository, End-user solutions and propositions, Fraud/risk/security, and Bank in the box/banking-as-a-service/core banking infrastructure, the Open Banking Report 2020 has put together an insightful and unique outlay of the global Open Banking ecosystem in the guise of a thorough global infographic and industry mapping of the key solution providers and their core offerings and solutions.

The Report is endorsed by leading industry consultancies and associations including Holland FinTech, INNOPAY, and Plug And Play.

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Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce