We have a lot to share is this blog 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 waves in Switzerland.
Our Current Coverage
• We track 2,913 banks providing Open Banking services! (+2 from September 6th)
• 1,040 APIs currently tracked on our platform!
• 460+ TPPs in the ecosystem!
• 89 Global markets covered!
• 45+ Open Banking API Aggregators!
• 167 Open Banking powered apps! (+1)
• 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 (September 6th to September 13th):
We initiated coverage and provided Open Banking API information for:
• Squire - Squire Technologies is the leading operating system for barbershops that allows barbers to manage bookings, scheduling, pricing and payments from one single app.
• IndusInd Bank - IndusInd Bank Limited is a new-generation Indian bank headquartered in Pune. The bank offers commercial, transactional and electronic banking products and services.
• Kotak Mahindra Bank - Kotak Mahindra Bank Limited is an Indian banking & financial services company headquartered in the city of Mumbai, India.
• Biggest Publicly Available TPP Registry in the Industry! 🚀🚀🚀
• And many more!
We continue to cover over 45 aggregators!
We are living in an increasingly digital world. Various aspects of our lives are brought into the virtual sphere, creating an ever-expanding amount of data that market actors can leverage to boost innovation. This trend is profoundly impacting a multitude of industries, shaping the relationships between consumers, companies, and governments. When it comes to the financial industry, Open Banking is one of the most discussed topics. Mastercard has conducted an in-depth market study in Switzerland to understand where Open Banking development stands, the views of market actors and consumers, and whether monetisation opportunities are likely to arise.
The study concludes that Switzerland presents a favourable environment for the development of Open-Banking-enabled services. In Switzerland, several initiatives and market-driven partnerships are currently underway to set the foundations for open banking and achieve harmonised standards. In this stance, the country is taking a market-led rather than a regulatory approach. That said, the government wants to see an innovative data economy and standardisation of data interfaces. Even though Open Banking in Switzerland is at earlier stages than in the surrounding regulatory-driven European Union, many market participants are proactively working together to drive the necessary standardisation that will allow solutions to scale in an industry-driven approach. The study also shows that a significant proportion of Swiss consumers are not yet familiar with Open Banking in general but are interested, open and even willing to pay for Open Banking-enabled services if they are explained. Therefore, as awareness for such services increases and consumers can recognise their value in everyday life to a larger degree, demand is expected to materialise. In addition, many indicated their willingness to change their primary bank or add a banking relationship to benefit from Open-Banking-enabled services, once available. Hence, while demand for services focused on corporate and wealth use cases is more tangible today and has driven their currently more advanced development, the extension into the retail space is ultimately considered a certainty. With these findings, Open Banking is likely to become a key lever to enable Swiss financial institutions to further expand their market reach both through new customers and new partnerships, unlocking revenue streams via the application of innovative business models.
Click here for the full Open Banking Study conducted by Mastercard.
Article taken from Mastercard.
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!
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Have a great week and stay safe!
The Banq team