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.) and a look at how Open Banking is making possible to have cheap loans available in less than 10 minutes.
Our Current Coverage
We track 2,893 banks providing Open Banking services! (+3 from July 26th)
1,032 APIs currently tracked on our platform!
460+ TPPs in the ecosystem! (+20)
89 Global markets covered!
45+ Open Banking API Aggregators! (+10)
161 Open Banking powered apps! (+16)
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 (July 26th to August 16th):
We initiated coverage and provided Open Banking API information for:
OB Use Cases:
Skrill: Skrill is a digital wallet provider which offers online payment and money transfer services.
Wealth Wizards: Wealth Wizards works with advice firms to create a hybrid advice model that is part human adviser and part automation.
Cegid: Cegid creates innovative business management solutions, designed to help professionals in retail, HR, payroll, tax and CPAs, achieve their goals.
TomatoPay: tomato pay is an Open Banking powered QR-code payments app for SMEs.
Payoneer: Payoneer claims to streamline global commerce for small businesses, marketplaces, and enterprises from 200 countries and territories
ZYNLO Bank: ZYNLO Bank is a new kind of banking. This is mobile, high-interest banking with a spare change savings account.
- Fino Payments Bank: Fino Payments Bank is the Digital Banking Partner for millions of hardworking Indians
Tarabut: Tarabut Gateway is one of the first MENA based aggregators
LUXHUB: LUXHUB is a Luxemburg based API aggregator claiming to work with over 40 FIs
Mono: Mono is a Nigerian-based African API aggregator looking to unify the continent
Basiq: Basiq is one of the leading open banking platform enabling developers to build innovative financial solutions based out of the US
Finicity: Finicity offers better financial data aggregation for better credit decisions. Get instant verification of income and employment with their open banking solution
Biggest Publicly Available TPP Registry in the Industry! 🚀🚀🚀
And many more!
We continue to cover over 35 aggregators!
Open Banking Use Case Spotlight: Digital Home Loans w/ Nano
Non-bank fully digital mortgage company Nano has recently promised to approve home loans charging a rock bottom 1.99 per cent in less time than it takes to order an Uber. Founder and chief executive Andrew Walker described Nano as the first lender to offer an end-to-end digital experience and is aiming to write a billion dollars of home loans over the next 12 months.
Founded by ex-Westpac executives Andrew Walker and Chris Lumby, Nano was established with the belief it could leverage technology to solve pain points in the approval process that has blown out to more than a month with some lenders. To speed it up, Nano’s systems conduct an analysis of a property’s value, the borrower’s credit history and loan serviceability and perform an ID check simultaneously.
The process – from beginning the application to unconditional approval – is designed to take about 10 minutes. Last month an approval was granted in nine minutes and 41 seconds. Nano says the system has a significant edge over rivals in the market which are themselves only a few years old, leaving it poised to battle with both traditional banks and established fintechs. Like Athena, Nano promises just one interest rate per product.
Without the overheads of a branch network and legacy systems acquired over decades, Nano says it can save a borrower $75,000 over the life of a loan with about $12,000 in savings from fees and charges alone. Nano says it will feed the savings directly into prices. It will never charge customers different prices for the same product – the dreaded "loyalty tax" – and will use this proposition to carve out a meaningful slice of Australia’s $400 billion home loan market.
Mr Walker forecasts that about $100 billion in Australian mortgages will be sold digitally over the next three to five years. Nano has approved $30 million in loans during its soft launch with the first loans funded from its own balance sheet. It has so far acquired $33 million in funding from a New Zealand investor in 2020 and will tap wholesale markets to fund future loans.
The Open Banking revolution is transforming the home loan market by reshaping the financial services of the past with technology of the future. Fintechs like Nano are using the technology powered by Open Banking to replace the complicated, expensive, nontransparent and slow to process of obtaining a loan with a fast, cheap and efficient service. The question remains, while issuing loans are easy, will the credit quality stack up against the test of time?
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!
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