Tag: Open Banking

Founded in 2014, FinTecSystems is specialised in open banking infrastructure and data analysis to help companies make data-driven and automate decisions. At a time when companies are scrambling to protect their assets from criminal actors, could FTS’ open banking infrastructure be a flood barrier against the rising wave of financial crime?

Global payment transactions facilitated by open banking are expected to exceed $116bn by 2026, rising from $4bn in 2021.

UAE-based open innovation platform Fintech Galaxy has collected $2m in its seed round to support its goal of boosting financial inclusion in the Middle East and North Africa.

A report by open banking firm Yolt Technology Services (YTS) has found that up to 40% of banking customers across the continent are not currently using an open banking solution.

A survey by open banking platform Tink has found that four in ten executives believe it will take their organisation between 5-10 years to fully implement open banking.

Zopa has found 4 in 10 UK consumers would use open banking to apply for credit if it boosted the chance of getting an offer or gave them access to better rates than banks.

Integrated Finance, a FinTech infrastructure platform, has netted ?2m in its seed funding round, which will bolster its platform development.

Mastercard has acquired open banking technology developer Aiia to help its customers develop and launch new digital solutions that meet the needs of everyday life.

A whitepaper by payment service provider Ecommpay has found 48% of all UK consumers have some level of confusion regarding open banking and its uses.

Open banking could help lenders save around 18,000 work hours each year, as well as reduce the costs of processes, according to a study from Yolt Technology Services.