Open banking is the rapidly developing sector in Europe, which is also considered one of the leading innovation drivers in the financial vertical. The Payments Cards & Mobile and Mastercard experts have introduced the report about the market’s results in 2021. Do not miss the hottest news on the GBC Time website.
The research includes data from the markets of the UK, France, Italy, Spain, Germany, Denmark, Norway, Sweden, Poland, and Hungary.
The main offers of the open banking system in Europe are:
- banking service through the authorized TPPS;
- finance transparency;
- use of Open Banking APIs;
- open-source technologies.
As a result of open banking implementation in the UK market, a new financing pack was launched for the Open Banking Implementation Entity (OBIE).
Spain and Italy provide API access to the largest share of all banks. The Hungarian authorities have decided to adopt the API technology from the foreign banking groups. The EU has also launched the Euro Retail Payment Board (ERPB) to provide API SEPA access to the schemes.
According to the report, the European banks confidently move to the entire Open Banking environment. Such a factor as PSD2 has opened the door for Open Banking for many payment innovations.
The analysts expect further development and even more confident implementation in the financial sector in Europe.
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