According to a report titled “The Future of Payments 2022”, published by the UK-based Finextra Research, some 24 million people in over 60 countries have adopted open banking.
“Irrespective of whether open banking has been driven by regulation, market players, state of maturity or approach taken, open banking represents a global phenomenon,” said Liliana Fratini Passi, CEO of the cross-border digital payment services company CBI.
He said in the report that open banking has fostered digitalisation, benefiting new collaborative ecosystems, where “each player can contribute to sustainable, circular economic growth and value creation, through enhanced services, secure functionality and interoperability.”
Passi noted that in a rapidly changing market, with increased competition and blurred industry lines, open banking is a ‘win-win’ scenario and an “inevitable first step towards open finance.”
Current Banking And Payment Industry Trends
According to Passi, the global payment landscape has changed radically in recent years with consumers turning to digital solutions.
Because of increased consumer knowledge, confidence, and demands in digital payments, the banking and payment industry has also been transforming to meet the needs.
However, some teething problems remain. Siamac Rezaiezadeh, director of product marketing…
