Platformable has launched its new report, showing new data on Open Banking picking up pace around the world and providing clients with more access to their data. Following this announcement, Platformable's new report, entitled `Q2 2024 Open Banking/Open Finance Quarterly Trends Report`, has shown that Open Banking efforts are currently picking up pace across the world.

This takes place as more banks, financial institutions, and fintech companies are now gaining business advantage from approaches where clients have the possibility to integrate products and solutions directly with their bank accounts. More information on the announcement Open Banking represents the ability for banks to integrate a user’s bank account information and other solutions with external services, where the customer requests for this to happen. Around the world, regulations are mandating that financial institutions unlock client data and services in a secure and efficient manner.

Included in the key data released in the report is information on how using Open Banking for loans and lending-based solutions represents the second largest use case globally, with at least 987 products being available around the world and supporting new direct-to-bank-account solutions for customer loans, BNPL, business working capital, and credit scoring. In addition, between 12-15% of households in the UK, Brazil, and the US are currently using Open Banking-related solutions. The report also shows that 10 new regulation deadlines are being introduced for the rest of 2024 in Europe, the UK, Brazil, Australia, New Zealand, and other countries.

Furthermore, 1 in 5 banks are experimenting with API business models and are seeing increased revenue streams by selling APIs, while 43 countries around the globe are moving beyond Open Banking to Open Finance solutions more broadly in order to offer customers more access to their data. According to the report, fintech and payment providers are already seeing benefits, with banks in particular beginning a steady increase in customers accessing Open Banking solutions in this quarter. In addition, payment solutions and the major credit cards are also doubling down on allowing direct-from-bank account payments and data solutions.

A key area of development is in identity services, where banks, fintech companies, and payment providers are leveraging identity verification or customer data in order to enable more secure solutions. Fintech and API aggregators are also increasingly offering verification tools so that clients can confirm they are sending money to the correct account, with banks soon being mandated to do the same in many parts globally. At the same time, financial institutions will be enabled to offer additional products, such as fraud management and fraud prevention services, or will be allowed to use this as a way to better understand the whole customer journey as multiple stages of a process.

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