Open banking is poised to transform the financial industry, fostering innovation and offering significant advantages to both customers and businesses. But while many of us are already using open banking services (and increasingly relying on them), few have a clear understanding of this emerging trend and what’s going on behind the scenes.
Historically, banks controlled consumer financial data, managing and enclosing it within their own ecosystems. Open banking describes the practice of enabling regulated third-party providers, including fintechs like Adyen and other digital merchants, access to this data. With the consent of account holders, data sharing is made possible through application programming interfaces (APIs), or software that enables secure communication between two or more applications. As a result, banks are no longer the isolated institutions of information they used to be.
The UK has been at the forefront of the open banking movement following the watershed passing of PSD2, a 2018 mandate requiring banks to make consumer data available to third parties at the consumer’s request. PSD2 was motivated by an aim to create a more decentralized retail banking environment, increasing competition, innovation, and consumer choice.
The popularity of open banking in the UK, with 7 million active open banking users in 2023 (a 10.5% rise in adoption year-over-year), is a testament to its appeal among consumers. Through the use of innovative fintech solutions, consumers can enjoy reduced service costs, greater financial control and personalization, seamless customer experiences, and enhanced security.
But open banking in the UK hasn’t only benefitted customers. According to the October 2023 Open Banking Impact Report, UK businesses are adopting open banking services at record levels. Not only can businesses create efficiencies and reduce costs with open banking, they can boost conversion and generate greater revenue by eliminating friction within the merchant ecosystem.
In partnership with Tink, Adyen entered the UK market in 2022 with an open banking solution enabling shoppers to make payments from within their own trusted banking environment without exiting the checkout journey. Adyen’s account-to-account (A2A) bank transfers equip businesses with conversion-boosting, next-generation payment technology, while providing consumers with the effortless, convenient and secure payment experiences they love.
The implementation of open banking is ushering in a new era of connectivity, innovation, and empowerment in the UK and beyond. Learn more about Adyen’s open banking solution here.
Open banking is poised to transform the financial industry, fostering innovation and offering significant advantages to both customers and businesses. But while many of us are already using open banking services (and increasingly relying on them), few have a clear understanding of this emerging trend and what’s going on behind the scenes.
Historically, banks controlled consumer financial data, managing and enclosing it within their own ecosystems. Open banking describes the practice of enabling regulated third-party providers, including fintechs like Adyen and other digital merchants, access to this data. With the consent of account holders, data sharing is made possible through application programming interfaces (APIs), or software that enables secure communication between two or more applications. As a result, banks are no longer the isolated institutions of information they used to be.
The UK has been at the forefront of the open banking movement following the watershed passing of PSD2, a 2018 mandate requiring banks to make consumer data available to third parties at the consumer’s request. PSD2 was motivated by an aim to create a more decentralized retail banking environment, increasing competition, innovation, and consumer choice.
The popularity of open banking in the UK, with 7 million active open banking users in 2023 (a 10.5% rise in adoption year-over-year), is a testament to its appeal among consumers. Through the use of innovative fintech solutions, consumers can enjoy reduced service costs, greater financial control and personalization, seamless customer experiences, and enhanced security.
But open banking in the UK hasn’t only benefitted customers. According to the October 2023 Open Banking Impact Report, UK businesses are adopting open banking services at record levels. Not only can businesses create efficiencies and reduce costs with open banking, they can boost conversion and generate greater revenue by eliminating friction within the merchant ecosystem.
In partnership with Tink, Adyen entered the UK market in 2022 with an open banking solution enabling shoppers to make payments from within their own trusted banking environment without exiting the checkout journey. Adyen’s account-to-account (A2A) bank transfers equip businesses with conversion-boosting, next-generation payment technology, while providing consumers with the effortless, convenient and secure payment experiences they love.
The implementation of open banking is ushering in a new era of connectivity, innovation, and empowerment in the UK and beyond. Learn more about Adyen’s open banking solution here.
Open banking is poised to transform the financial industry, fostering innovation and offering significant advantages to both customers and businesses. But while many of us are already using open banking services (and increasingly relying on them), few have a clear understanding of this emerging trend and what’s going on behind the scenes.
Historically, banks controlled consumer financial data, managing and enclosing it within their own ecosystems. Open banking describes the practice of enabling regulated third-party providers, including fintechs like Adyen and other digital merchants, access to this data. With the consent of account holders, data sharing is made possible through application programming interfaces (APIs), or software that enables secure communication between two or more applications. As a result, banks are no longer the isolated institutions of information they used to be.
The UK has been at the forefront of the open banking movement following the watershed passing of PSD2, a 2018 mandate requiring banks to make consumer data available to third parties at the consumer’s request. PSD2 was motivated by an aim to create a more decentralized retail banking environment, increasing competition, innovation, and consumer choice.
The popularity of open banking in the UK, with 7 million active open banking users in 2023 (a 10.5% rise in adoption year-over-year), is a testament to its appeal among consumers. Through the use of innovative fintech solutions, consumers can enjoy reduced service costs, greater financial control and personalization, seamless customer experiences, and enhanced security.
But open banking in the UK hasn’t only benefitted customers. According to the October 2023 Open Banking Impact Report, UK businesses are adopting open banking services at record levels. Not only can businesses create efficiencies and reduce costs with open banking, they can boost conversion and generate greater revenue by eliminating friction within the merchant ecosystem.
In partnership with Tink, Adyen entered the UK market in 2022 with an open banking solution enabling shoppers to make payments from within their own trusted banking environment without exiting the checkout journey. Adyen’s account-to-account (A2A) bank transfers equip businesses with conversion-boosting, next-generation payment technology, while providing consumers with the effortless, convenient and secure payment experiences they love.
The implementation of open banking is ushering in a new era of connectivity, innovation, and empowerment in the UK and beyond. Learn more about Adyen’s open banking solution here.
Open banking is poised to transform the financial industry, fostering innovation and offering significant advantages to both customers and businesses. But while many of us are already using open banking services (and increasingly relying on them), few have a clear understanding of this emerging trend and what’s going on behind the scenes.
Historically, banks controlled consumer financial data, managing and enclosing it within their own ecosystems. Open banking describes the practice of enabling regulated third-party providers, including fintechs like Adyen and other digital merchants, access to this data. With the consent of account holders, data sharing is made possible through application programming interfaces (APIs), or software that enables secure communication between two or more applications. As a result, banks are no longer the isolated institutions of information they used to be.
The UK has been at the forefront of the open banking movement following the watershed passing of PSD2, a 2018 mandate requiring banks to make consumer data available to third parties at the consumer’s request. PSD2 was motivated by an aim to create a more decentralized retail banking environment, increasing competition, innovation, and consumer choice.
The popularity of open banking in the UK, with 7 million active open banking users in 2023 (a 10.5% rise in adoption year-over-year), is a testament to its appeal among consumers. Through the use of innovative fintech solutions, consumers can enjoy reduced service costs, greater financial control and personalization, seamless customer experiences, and enhanced security.
But open banking in the UK hasn’t only benefitted customers. According to the October 2023 Open Banking Impact Report, UK businesses are adopting open banking services at record levels. Not only can businesses create efficiencies and reduce costs with open banking, they can boost conversion and generate greater revenue by eliminating friction within the merchant ecosystem.
In partnership with Tink, Adyen entered the UK market in 2022 with an open banking solution enabling shoppers to make payments from within their own trusted banking environment without exiting the checkout journey. Adyen’s account-to-account (A2A) bank transfers equip businesses with conversion-boosting, next-generation payment technology, while providing consumers with the effortless, convenient and secure payment experiences they love.
The implementation of open banking is ushering in a new era of connectivity, innovation, and empowerment in the UK and beyond. Learn more about Adyen’s open banking solution here.
Open banking is poised to transform the financial industry, fostering innovation and offering significant advantages to both customers and businesses. But while many of us are already using open banking services (and increasingly relying on them), few have a clear understanding of this emerging trend and what’s going on behind the scenes.
Historically, banks controlled consumer financial data, managing and enclosing it within their own ecosystems. Open banking describes the practice of enabling regulated third-party providers, including fintechs like Adyen and other digital merchants, access to this data. With the consent of account holders, data sharing is made possible through application programming interfaces (APIs), or software that enables secure communication between two or more applications. As a result, banks are no longer the isolated institutions of information they used to be.
The UK has been at the forefront of the open banking movement following the watershed passing of PSD2, a 2018 mandate requiring banks to make consumer data available to third parties at the consumer’s request. PSD2 was motivated by an aim to create a more decentralized retail banking environment, increasing competition, innovation, and consumer choice.
The popularity of open banking in the UK, with 7 million active open banking users in 2023 (a 10.5% rise in adoption year-over-year), is a testament to its appeal among consumers. Through the use of innovative fintech solutions, consumers can enjoy reduced service costs, greater financial control and personalization, seamless customer experiences, and enhanced security.
But open banking in the UK hasn’t only benefitted customers. According to the October 2023 Open Banking Impact Report, UK businesses are adopting open banking services at record levels. Not only can businesses create efficiencies and reduce costs with open banking, they can boost conversion and generate greater revenue by eliminating friction within the merchant ecosystem.
In partnership with Tink, Adyen entered the UK market in 2022 with an open banking solution enabling shoppers to make payments from within their own trusted banking environment without exiting the checkout journey. Adyen’s account-to-account (A2A) bank transfers equip businesses with conversion-boosting, next-generation payment technology, while providing consumers with the effortless, convenient and secure payment experiences they love.
The implementation of open banking is ushering in a new era of connectivity, innovation, and empowerment in the UK and beyond. Learn more about Adyen’s open banking solution here.
