Jun 14, 2021: Carbon Tracking w/ Enfuce

Written by Dragos Cocosila

We have a lot to share this week as part of our passion to continue providing you with industry-leading information on the global Open Banking segment. This update will have the weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.), a look at how Open Banking is making consumers more aware of their lifestyle's carbon impact.

carbon-neutral

Our Current Coverage

  • • We track 2,877 banks providing Open Banking services! (+10 from last week!)

  • • 1,032 APIs currently tracked on our platform! (+8)

  • • 440 TPPs in the ecosystem!

  • • 88 Global markets covered!

  • • 35+ Open Banking API Aggregators!

  • • PSD2 API & PSD2 Open Banking coverage!

  • • Track over 60+ data points for all Open Banking projects!

And we are growing on a continuous basis... 🚀🚀🚀

Developments (June 8th to June 14th):

We initiated coverage and provided Open Banking API information for:

  • Cajamar Caja Rural: is the leading rural savings bank and credit union in Spain. It has 1.4 million members and 3.5 million customers.

  • Clydesdale Bank: is a trading name used by Clydesdale Bank plc for its retail banking operations in Scotland.

  • Kutxabank: is a Spanish bank founded and based in Bilbao.

  • Mashreq Bank: is the oldest privately owned bank in the United Arab Emirates. It was founded as the Bank of Oman in 1967.

  • My Money Bank: is an independent bank operating in Mainland France and French Overseas Territories.

  • • Biggest Publicly Available TPP Registry in the Industry! 🚀🚀🚀

  • • And many more!

We continue to cover over 35 aggregators!


Open Banking Use Case Spotlight: Carbon Tracking w/ Enfuce

The immediate threat that climate change poses to humanity is pretty much common knowledge at this point. Except for a few staunch holdouts, most people understand that protecting the climate and planet for the benefit of future generations is a priority, going so far as even to label it a climate emergency.

A big part of protecting the environment and halting climate change is reducing an individual’s direct and indirect carbon dioxide emissions since this greenhouse gas is the leading cause of human-made climate change. The majority of people are conscious of this fact and want to reduce their carbon footprint willingly. Still, it’s hard to precisely track the consequences of our actions on carbon emissions because there was no easy way to stay informed about the results of our lifestyles. To address this problem, companies like Enfuce have turned to Open Banking to keep consumers informed in real-time about the impact their purchases are having on the environment.

By using Open Banking to gain insight into the user's transactions and employing academic models of the carbon footprint of the various purchases a consumer makes, Enfuce gives its users a snapshot of their impact on the environment. At the same time, this tool can also educate users about which activities are particularly carbon-intensive and help consumers make carbon-wise purchasing decisions.

As Monika Liikamaa, CEO of Enfuce, points out about a previous integration, the education approach seems to be the correct way to make meaningful impacts on users’ habits. “My Carbon Action had a positive effect on 30 per cent of its users already during the proof of concept for Rabobank, and I’m confident it’ll have a significant role in reducing the CO2 emissions in the UK and the EU.”

The takeaway:

Tackling climate change isn’t just limited to big polluters and carbon-intensive industries. Green finance is a part of that solution as well, and using Open Banking to inform consumers about the impact that their individual choices have on the environment is an excellent showcase of the power this technology has to influence sustainable decisions at the individual level.


Feedback

Please feel free to email us back with any coverage or data requests to implement or improve our current data set! We are a customer centric provider and want to make sure our users are as satisfied as can be!

We also highly recommend you to follow our Twitter @BankingTracker for tracker updates, @BanqNetwork for FinTech news, and @Banq_ai for business updates!

If you enjoy our blog posts, then please share them - either by forwarding to your contacts or sharing this link on social media.

Have a great week and stay safe!

The Banq team

Interested in more insights?

Banq builds data products and ecosystem solutions for bank and fintech providers.

Join our private beta