Open Finance Report 2023

The Paypers launches the Open Finance Report 2023

03 May 2024

The Paypers is pleased to announce the release of the 7th edition of the Open Finance report, titled ‘The Open Revolution: From Open Banking to Open Finance. The Road to Open Data Continues.’

This report delves into the global potential of Open Banking, Open Finance, and Open Data, presenting a comprehensive overview of their current impact on the financial services landscape worldwide.

As Open Banking and Open Finance continue to reshape the financial industry globally, our report aims to provide insights into the current state of development in these sectors. Key areas of focus include the components driving the growth of open ecosystems, the distribution of value among stakeholders, the emergence of new business models, and collaborative opportunities for ecosystem participants.

Educational and informative sections

Examining the global landscape of Open Banking and Open Finance, Amit Mallick from Accenture shares his perspectives on navigating the evolution of Open Banking and Open Finance, providing valuable insights into the ongoing transformations and strategic considerations in the industry. Sanjeev Chatrath, Mike Booth, and Li-May Chew from EY Asia-Pacific contribute their expertise to the report, offering insights into how Open Finance will reshape financial services of the future. Additionally, our colleague Vlad Macovei unveils the trends of Open Banking and Open Finance identified by financial industry influencers.

Exploring Open Banking and Open Finance in Europe, the second chapter delves into key aspects presented by industry experts. INNOPAY’s comprehensive insights, provided by Mounaim Cortet, Patrick de Haan, and Thorben Peter, offer valuable perspectives on navigating Open Finance. Additionally, the report features an interview with Peter Theunis (BPC), focusing on the pivotal role of Open APIs in the context of Open Banking and Open Finance. Laura Mian and Violeta Negruta (ING) provide a detailed view of the Open Banking Ecosystem in Action, shedding light on its dynamic functionality. Anne-Sophie Morvan’s (LUXHUB) contribution offers practical insights into the preparations required for the evolving landscape. Tino Meissner’s perspective from Deutsche Bank further enriches the understanding of the European context within the broader Open Finance framework.

Examining the status of Open Banking in North America, the report features insights from various experts. Eyal Sivan (Raidiam) discusses the endeavour of bringing Open Banking to North America, providing a cross-continental perspective. Don Cardinal (FDX) reinforces the vitality of Open Finance in North America, while Zachary Aron’s (Deloitte US) contribution explores the unfolding landscape in the United States. An interview with Eric Shoykhet (Link Money) sheds light on Pay by Bank and why it could represent a big opportunity in Open Banking in the US. Rob Mannamkery (EY US) provides valuable insights into Open Banking strategies in the evolving US Financial Landscape, while Carl Slabicki (BNY Mellon) discusses the state of play of Open Banking in the US.

Moving to the UK, Marion King (Open Banking Ltd) offers insights into the future of Open Banking and the rise of ‘Open Everything’. Jack Wilson (TrueLayer) emphasizes that Open Banking can – and should – be the future of UK retail payments. Ellie Duncan’s (Open Banking Expo) contribution provides a nuanced view of the ongoing developments in the UK’s Open Banking landscape through the lens of Variable Recurring Payments (VRPs).

The report further explores Open Banking and Open Finance in specific regions:

  • In Australia, Scott Farrell and Max Allan (King & Wood Mallesons) present the big 5 developments for Australia’s Consumer Data Right in 2023. An interview with Jordan Lawrence (Volt) explores Australia and NPP: a real-time payments revolution, while May Lam (Australian Payments Plus) discusses supporting Australian consumers and businesses the Australian Payments Plus way.
  • In Latin America, Bruno Diniz (Spiralem) sheds light on the current advance of Open Finance and its developments in LATAM, and Walter Pereira (W Fintechs) explores the flourishing of regulated Open Data Ecosystems in Latin America.
  • Navigating to the Middle East, Serena Sebastiani (PwC Middle East) provides insights into the degree of innovation of Open Finance in the GCC.
  • Turning to Africa, an interview with Paula Buchel and Albertus Nel (Deloitte Africa) offers insights on Open Banking evolution in Africa.
  • In the Asia Pacific region, Tony Wood (Deloitte APAC) provides insights into the evolving landscape of Open Banking and Open Finance in the area.

Open Banking regulation and use cases

Exploring the evolution of Open Banking payments, the report provides a comprehensive view through various expert perspectives. Lisa Scott (Banked) contributes an insightful piece on globalising Open Banking payments. Kieran Hines (Celent) speculates if 2024 will be the year that Variable Recurring Payments take off.

In an engaging interview, Arthur Ribakovs (Ecommpay) discusses sheds light on the dynamic evolution of payment methods and their impact on the Open Banking sphere. Mark Munson (Moneyhub) explores the role of Open Banking payments as a catalyst for new consumer, while Raffaele Brusco (Natwest) presents a firsthand account of innovation within NatWest.

Nathalie Crouzet and Tom Wijnen (Worldline) contribute to the discourse by providing a holistic overview of the transformative trends in the Open Banking payments landscape.

Moving on to the regulatory landscape in Open Banking, the report features expert opinions on navigating regulatory frameworks. Gijs Boudewijn and Arturo González Mac Dowell, the Co-Chairs of the SEPA Payments Account Access Scheme, offer insights into the regulatory resurgence of SPAA. Ralf Ohlhausen (ETPPA) provides a comprehensive view of PSD2, PSD3/PSR, and the future of Open Banking, exploring the regulatory aspects and future trajectory.

Michael Salmony (ETPPA) contributes to the discussion by shedding light on the potential impacts of the Financial Data Access Framework on financial services. Sanela Dulic (Nordea) explores PSD3 and PSR in an interview, offering perspectives on the evolving regulatory landscape, while Gianluca D’Imperio (UniCredit) examines the evolving regulatory dynamics.

The report also delves into the critical role of Open Banking data in fostering trust and improving financial products. Anna Maj (CreatLink) discusses how to harness data for product innovation, while Marie Walker (Raidiam) sheds light on the importance of trust in the Open Banking ecosystem.

Viky Manaila (Intesi Group) contributes insights on the implications of eIDAS 2.0 for TPPs under PSD2, offering clarity on the regulatory landscape. Vlad Macovei (The Paypers) concludes this section by exploring the broader implications of Open Banking data, positioning it as a precursor to a more expansive ‘Open Everything’ paradigm.

Who are the key players in Open Finance?

The report also features a Global Mapping and Infographic of Players in the Open Banking and Open Finance Ecosystem 2023-2024, providing a visual representation of the dynamic and diverse ecosystem. Keeping abreast of developments in Open Banking and Open Finance enables a clear understanding of the ecosystem’s strengths, promising use cases, and opportunities for collaboration.

Additionally, the report includes a dedicated section for company profiles, offering readers a thorough overview of the featured companies’ products and services. This section provides details such as geographical presence, core solutions, unique selling points, technology, business models, business partners, and case studies.

The Paypers extends gratitude to contributors, key media partner Open Banking Expo, and endorsement partner INNOPAY for their commitment to producing another comprehensive and valuable report for the global Open Banking and Open Finance community.

Download the report here.