United States and Canada Open Banking Market Report

Discover the latest trends for open banking in the U.S. and Canada. Download this report to learn about what the 381% annual growth rate globally in open banking platforms means for each region. Gain insights on open banking API products from industry experts, and learn about what we can expect in the future as open banking continues to grow. Read this report to understand why the true potential of open banking aims for so much more than each bank simply having a developer portal and open banking APIs. 

Canada Open Banking Overview

Canadian movement towards open banking is slow, although with new open banking regulations on the horizon, this may change. A strong influence in both U.S. and Canada open banking is the nonprofit industry standards body, Financial Data Exchange, that works with fintech and banks to encourage use of an industry-agreed open banking API standard.

Open Banking in the United States: Platforms and Products

PLATFORMS: 8 of the top 12 U.S. banks by market cap (67%) have an open banking platform. Unlike other regions, the majority of U.S. banks with open banking API products are commercial or investment banks rather than retail banks.

PRODUCTS: Reflecting this commercial bank base, the larger market cap banks with open banking API products offer a more diverse suite of products, enabling trading, loan approvals, credit card management, and identity management services.

For more information on trends, statistics, and use-case examples, download the report.

Learn about Axway and open banking.


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