![]() This enables customers to securely share theirįinancial data with other companies and use a wider range of financial products and services than they would be able to access through a single financial institution. Open Banking refers to the use of open APIs (Application Programming Interfaces) that allow third-party financial service providers to access financial institutions' customer data with the customer's permission. Juniper Research predicts that global Open Banking payments transaction values will exceed According to report by Open Banking Limited combined CMA9 data shows 7 million consumers and SMEs used Open Banking services during January 2023 in UK. 2018 was a turning point for banking as the EU countries were obliged to incorporate PSD2 into national law and publish their Application Programming The Revised Payment Service Directive (PSD2) was a forced switch for all European banks to the Open Banking model. It will open market barriers, completely changing the game's rules through massive competition. User experience (UX) provided with open banking solutions will disrupt the banking industry. Fintechs gives users the right to choose an alternative, and and Big Tech joined theĬlub. ![]() Total digitalization has brought changes to the industry. Throughout history, banks has remained a closed industry, monopolizing the majority of other financial services. The Apple Wallet app's integration with the Open Banking API allows users to get their checking account balance directly In September 2023, Apple launched the iPhone Wallet app integration with UK users' current account balances and transaction history.
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