
Embracing Open Banking: Shaping the Future of Finance

Statistics at a Glance
%
Digital Customers, 9.2% of digital consumers in the UK adopt Open Banking.
%
Customer Penetration, 13% of small businesses have adopted Open Banking.
API Growth: API calls surged to 102B in 2023, with 580B expected by 2027.
Security & Compliance in Open Banking

Security & Compliance
Security and compliance are at the core of Open Banking, ensuring safe data sharing while adhering to strict regulatory requirements.To remain competitive, organisations must prioritise secure digital experiences while meeting regulatory standards.
- Strong Customer Authentication (SCA) measures
- Encrypted data transmission using secure APIs
- Rigorous third-party provider vetting and approval processes
- Real-time anti-money laundering (AML) and know your customer (KYC) screening
- Adherence to data protection regulations (e.g., GDPR)
- Regular security audits and assessments
Explore 10 Leading Use Cases

Account Aggregation
Lets users view and manage all their financial accounts from different banks in one centralized platform.

Personal Finance Management
Empowers apps to provide insights into spending habits, budgeting, and saving recommendations.

Payment Initiation
Supports secure, direct account-to-account payments, reducing processing costs and enhancing cash flow.

Identity Verification

Credit Scoring & Lending

Fraud Prevention
Enhances transaction monitoring and anomaly detection to identify potentially fraudulent activities.

Personalised Financial Products
Enables financial institutions to offer tailored products and services based on individual user data and behavior.

Wealth Management
Delivers more accurate & comprehensive financial advice by consolidating data from multiple sources.

Bill Payment & Management

Affordability Checks
Insights
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