July 09, 2022 | Louise Basse
In our new report published at this year's Money 20/20, we explore how the open banking revolution is empowering frictionless, digital payments.
Building on our landmark “The Future of Open Banking in Europe” study published eight months ago, we track progress across Europe and reveal the shift to open banking is rapidly gathering pace, with more implementations and greater collaboration between banks, Third Party Providers (TPPs) and intermediaries. At the same time, consumer enthusiasm for and adoption of open banking products is also growing fast.
This report focuses on the evolution of open banking across Europe as businesses need to keep pace with increasing customer expectations by providing an ever better user experience, optimizing workflows and collaborating with fintechs to build new revenue streams.
We explain open banking through use cases and case studies where implementations have already delivered better user service to users alongside business growth for financial institutions, payment gateways and fintechs. We also outline Mastercard’s open banking payments offering and the latest feature, Pay by link, which makes invoicing and payments easy and simple for partners across the continent.
At Mastercard, we believe open banking holds enormous promise as a means of fostering greater competition and innovation across the financial services industry. As we show in this report, we have already brought a range of open banking integrations to market and look forward to working with our partners on the delivery of open banking solutions that improve service for their customers while growing revenue and profitability.