Open Banking: 2024 Payment Service Expectations
2023 saw the continued advancement of Open Banking, the innovative technology that provides third-party financial service providers access to consumer banking, transaction, and other data from banks and non-bank institutions through application programming interfaces (APIs), which has evolved from a frequently cited buzzword to a powerful force in the financial sector. The coming year is expected to be a breakout year for Open Banking, with its potential influencing a broad spectrum of payment-related services.
2023 saw the continued advancement of Open Banking, the innovative technology that provides third-party financial service providers access to consumer banking, transaction, and other data from banks and non-bank institutions through application programming interfaces (APIs), which has evolved from a frequently cited buzzword to a powerful force in the financial sector. The coming year is expected to be a breakout year for Open Banking, with its potential influencing a broad spectrum of payment-related services.
