Global open banking market is anticipated to grow at a CAGR of 29.4% during the forecast period. The increasing digital transformation of banks is driving the global open banking market. Open banking APIs enable banks to collaborate with FinTech startups and third-party providers, fostering innovation and enhancing customer experience. Open banking also allows banks to tap into new customer segments, improve efficiency by streamlining processes, and access customer data for data-driven decision-making. Therefore, key companies operating in the BFSI sector are launching open banking solutions to meet their customers’ demands.
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Recent Developments-
- In March 2023, Payer Financial Services AB, a developer of a business-to-business payment platform, introduced B2B open banking payments in Sweden. The company, via open banking APIs, assisted businesses in capturing payments with complete reconciliation and settlement, providing merchants with complete visibility of the payment status in real time.
- In September 2022, PCI Pal, a financial services company, announced the launch of the Pay By Bank open banking solution for contact centers. As a result of this launch, the company enables merchants to lower transaction costs and provide instant refunds, along with reduced fraud risk and chargeback costs.
Global Open Banking Market Report Segment
By Services
- Banking & Capital Markets
- Payments
- Digital Currencies
- Value Added Services
By Deployment Mode
- • Cloud
- • On-premises
By Distribution Channel
- Bank Channels
- App Markets
- Distributors
- Aggregators
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Open Banking Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Axway Software
- Banco Bilbao Vizcaya Argentaria, S.A.
- Bud
- Crédit Agricole
- DemystData, Ltd.
- Envestnet
- FormFree Holdings Corporation
- Jack Henry & Associates, Inc.
- Mambu
- MineralTree, Inc.
- NCR Corp.
- Qwist
- Salt Edge Ltd.
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- We cover more than 15 major industries, further segmented into more than 90 sectors.
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