Open Banking

Open banking uses standardized APIs to allow banks and third parties to share financial data securely with customer consent, enabling innovation in payments, lending and personal financial services. The industry has recently accelerated dealmaking and technology adoption: TrueLayer launched Bank on File, iFAST upgraded to Open Banking v4.0 and the United Kingdom is advancing variable recurring payments, while regulatory progress has stalled in the United States. The sector warrants close attention because it is reshaping competition with card payments, credit-assessment efficiency, data governance and regulatory policy across countries.