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Corporates On Deck For Open Banking Disruption

It’s now been a year since Open Banking officially came into the UK financial services market, but the regulatory initiative seems more of a natural progression for the sector rather than a sudden disruption.

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FinTech adoption is surging among consumers, particularly in areas like money transfers and payments, EY data show. The traction gained from FinTech players demonstrates the willingness consumers have to connect their bank accounts to third-party apps and enable the data sharing that Open Banking promotes.

How this new landscape of financial services will play out for corporate customers of the banks, however, is less clear, but disruption is on the way.

new report from treasury technology firm Centtrip predicts that businesses in the U.K. will “reap the rewards” of the API ecosystem developing within Open Banking as early as next year. But a lot has to happen for that forecast to come to fruition.

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