Emphasising the potential role of open banking in changing the payments industry, The Emerging Payments Association (EPA) has released its latest report.
The report, which comes as the world adapts to the COVID-19 crisis, provides an overview of global initiatives, barriers to its adoption, and importantly discusses the potential it has to accelerate evolution.
The global health crisis means there has never been a more important time for economies to have strong digital economies with data and payments available via secure application program interfaces (APIs).
The detailed assessment, Unleashing the Potential of Open Banking, aims to be a ‘rallying cry’ to the payments industry, from issuers and regulators, retailers and acquirers, regulators and third-party providers to help unlock the significant opportunity that open banking offers.
Huw Davies, Chief Commercial Officer and Co-founder, Ozone Financial Technology, stated: “Open banking is now a global phenomenon and has the potential to dramatically transform the payments industry. It’s still early in the journey, and therefore the perfect moment to look at learnings from around the world.
“Specifically, we should identify areas where we can accelerate the opportunity, increase value for payment users and create the foundations for interoperability and significant scale. It’s been a real privilege to help author this important white paper.”
Tony Craddock, Director General of the Emerging Payments Association, added: “This report is a case study showing collaboration in action. And that’s at the heart of open banking. Readers across the world can use it as a guide, as a series of checklists, drawing on what works – and what can go wrong. It will help accelerate the adoption of a common approach and common standards, and as a result, help make payments work for all.”
Sponsored by a syndicate of EPA members led by MasterCard, Refinitiv, Token and Chargebacks 911, the report is informed by a series of discussions and interviews with leading payments executives from the United Kingdom and beyond.