Open Banking in the News

What’s next for open banking?

At Open Banking Expo, Axway’s Head of Open Banking, Eyal Sivan, says “strong leadership” is only part of the way to get open banking over the line in Canada, and he discusses what it can learn from Brazil’s implementation journey (where Axway recently piloted a dedicated open banking solution). Read the Q&A here.

Meanwhile, just south of the border, Business Insider writes that consumers’ superior trust in banks gives them a pivotal role in U.S. open banking engagement.

“While consumers have embraced sharing their banking credentials with third-party apps or services, concerns around data security and privacy still remain.”

The article cites Axway’s 2021 survey which found that 47% of U.S. consumers worry about losing control over their financial data access. Read the full article here.

Also of note is the announcement that APImetrics is joining forces with Finextra Research to offer an open access dashboard that will monitor the real-time performance of open banking, PSD2 payments, fintech, and crypto APIs.

“The open banking movement, by definition, cannot operate in the dark. Every developer and innovator has a shared interest in seeing how their APIs measure up in the real world to raise the collective bar of the entire ecosystem,” said David O’Neill, APImetrics CEO, in the press releaseRead how the partnership aims to highlight the resilience and health of these APIs in PYMNTS.

Finally, Axway Catalyst, Emmanuel Methivier, answers Finyear’s Q&A on innovation and open finance. He opines whether open banking and Open Finance are the same things, bringing an end to the war between banks and fintechs, and how he believes the future of banks is based on a vision of digital services platforms. Read the article in Finyear (in French).

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