2021 was a year of progress for open banking across the EU and UK, with strong growth in both the volume of API calls and number of TPPs (third party providers) in each market.
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In addition, regulatory changes in the UK such as the FCA’s removal of the 90-day re-authentication rule and the Competition & Markets Authority mandate for Variable Recurring Payment (VRP) mean that businesses and clients will be even better placed to offer more innovative and seamless services to consumers in the years ahead.
This is also occurring against the backdrop of global growth in open banking. According to Allied Market Research, the open banking market is growing at over 24 percent annually and is expected to reach USD 43.15 billion by 2026. Internationally, Open Banking usage doubled from 2018 to 2021.
What exciting developments will open banking have in store for us in the coming year? Here we make five predictions based on 2021 developments, what we are seeing in the market, and what we believe will happen with a little collaboration, innovation, and ambition from key players.
Solving the complexity of API
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