Regulated Administrators and Service Providers take heed: Open Banking has powered a revolution in financial services but please do not think it a silver bullet (yet).
With over 350 API’s being triggered 22million times a day, adoption of Open Banking by Fintech promises to bring more competition to financial services for the overwhelming benefit of consumers. It is a good thing and is not going away any time soon.
However…whilst revolutionary, Open Banking is not the panacea for those operating in complex cross-border situations:
- What if you are a professional institution acting on behalf of your clients?
- What if the jurisdictions you operate in are yet to recognise and adopt open banking?
- How do you unify consent across a relationship of designated accounts under a single mandate?
Jake Willis is Head of Products at BankClarity where we live and breathe these challenges every day, partnering with the most progressive banks and technologies, embedding solutions in a single, global banking and treasury hub under your control and trusted by leading global enterprises. Drop Jake a line for some myth-busting.