Open Banking: Opportunities & Challenges

A White Paper produced in collaboration by Global Processing Services and PIF

GPS has collaborated with Prepaid International Forum (PIF) on a White Paper exploring ‘Open Banking: Opportunities & Challenges’.

Open Banking was first considered as early as 2013 by the European Union (EU). It was later proposed under the second Payment Services Directive (PSD2) and fully adopted in 2016. Growth will continue in the UK and Europe, but also significantly within the APAC region where the concept is appealing to a wider, highly tech-savvy audience who are more likely be early adopters.

Read this White Paper that discusses the opportunities and challenges, and the initiatives taken by countries across the world to facilitate developments in Open Banking.

What’s in the White Paper?

Open Banking in the UK and Europe

Learn how the drive for adopting Open Banking has been more prominent in the UK because the regulatory requirements have gone beyond the initial principles of PSD2 and focused on the customer benefits.

The opportunities of Open Banking

Open Banking provides benefits through the creation of new infrastructure that connects previously disparate interfaces and systems and offers consumers better choice through increased competition. Gain an understanding on how it offers businesses opportunities in product development, collaboration between banks and non-banks and innovation.

How are consumers benefiting?

Consumers are experiencing a broader range of services which are faster, dynamic and enhanced, which in turn provide efficient payments that generate consolidated financial accounts across different providers.

How has Open Banking developed globally?

Whilst PSD2 has been regulator-led in the UK through the initial EU directive, the development of Open Banking is being adopted globally. Explore how further afield in Asia-Pacific (APAC), there has been increased interest in the adoption of Open Banking although this has been disparate depending on the approach of the local regulator.

The challenges of Open Banking

Discover the four key challenges of Open Banking: a robust infrastructure and seamless processing, data and security management, regulation and compliance, and interoperability and connectivity to Open Banking infrastructure.

Can Open Banking transform the payments ecosystem globally?

Gain insights on how Open Banking has the potential to transform the payments ecosystems globally through choice, innovation, low friction, transparency and consumer protection.

Download the White Paper ‘Open Banking: Opportunities & Challenges’ to learn about the current and potential global impact of Open Banking, allowing FinTechs, Banks and e-wallet providers to remain ahead of the curve in their relevant markets.

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