Recent research suggests more needs to be done to raise awareness of the concept, with nearly a fifth of respondents unaware of how Open Banking can benefit them.
Our ‘From Open Banking to Open Finance and beyond’ whitepaper looks at:
- The benefits of Open Banking
- Its transition into Open Finance
- How Open Finance goes above and beyond the promise of Open Banking
- The risks and trust issues still to be overcome
- The roles of regulation around the world
15th February 2023 - PXP Financial, the expert in global acquiring, payment, fraud and data analysis services, has published a new guide to help merchants embrace the evolving open data economy.
‘From Open Banking to Open Finance and beyond’ digs deeper into the success and benefits of Open Banking and how it has developed into Open Finance, which expands Open Banking to a much wider range of financial products - including savings accounts, investments, pensions, mortgages and insurance - to give consumers and businesses greater control and visibility of their finances.
The data collected can be used to create more personalised and intuitive financial products.
Commenting on the new whitepaper, Kamran Hedjri, Group CEO for PXP Financial, said: “We created a guide for businesses who are keen to understand the next step in Open Banking’s evolution, and how to use it to gain a competitive edge."
“By embracing Open Finance, merchants will be able to boost the security, speed and convenience already enjoyed by Open Banking adopters. This will lead to wide-ranging improvements at checkout, and in turn, a better payment experience for customers.”
The UK Government has indicated smart data is core to its vision of the future of UK financial services, and a phased implementation of Open Finance is expected in late 2023 or 2024, which is expected to start with use cases with the best cost/benefits balance. The new guide from PXP Financial not only looks at the obstacles that exist on the road to Open Finance, but what’s needed to overcome them, and the role of regulation in this complex landscape.
Hedjri added: “This is the start of an exciting open economy journey, and we’re here to support merchants every step of the way.”
Download our whitepaper here.
About PXP Financial
The end-to-end payment platform: PXP Financial provides a single unified payments platform to accept payments online, on mobile and at the point of sale. Powered by global acquiring, 200+ alternative payment methods & financial services, PXP Financial family of companies processes globally over EUR 22.7 billion annually through our unified gateway. Whatever your business needs today or tomorrow, PXP Financials’ innovative payment platform will support your business growth with all the payment services you will ever need from one source, wherever your business takes you. To find out more about PXP Financial family of companies, visit: www.pxpfinancial.com.