Understanding open banking: From PSD2 to global adoption

by Join Lasma Kuhtarska from Noda for an insightful discussion on "Understanding Open Banking: From PSD2 to Global Adoption."

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Join us for an engaging discussion in “Understanding Open Banking: From PSD2 to Global Adoption,” with insights from Lasma Kuhtarska, co-founder & chief strategy officer at Noda. As we decode the concept of open banking, a revolutionary change in the financial services industry, Lasma leads us through the intricate weave of open banking’s origins, growth, and the promising future it heralds. Originating with the European Union’s pivotal PSD2 regulation, open banking dismantled traditional banking monopolies over customer data, giving rise to a new era of financial empowerment and innovation. This discussion with Lasma Kuhtarska aims to shed light on how open banking has become an integral part of today’s financial ecosystem and how it continues to gain momentum among consumers and financial institutions alike.  

  • What is open banking? Where did the concept originate from? 

It all started with the enforcement of the PSD2 regulation in Europe in 2018, which ended traditional banks’ monopoly over customer data. PSD2 mandated banks to share customer information with licensed third-party providers through secure application programming interfaces (APIs). This can only happen with customer consent, of course.  

Open banking data sharing has versatile applications across industries and operations, from lenders and payment platforms to budgeting apps, KYC and compliance. Fintech companies can use the data to innovate and create tailored products.   

  • How popular is open banking with consumers? 

Open banking has significantly gained popularity in recent years, and customers have become more willing to adopt it. The latest UK Open Banking Impact report, for example, revealed that in the six months to June 2023, over 11% of British consumers were active users of open banking, an increase from 7% in 2021.  

  • Why is open banking gaining momentum in adoption right now? 

The increase in consumer demand for open banking is due to several factors. First, open banking offers a more personalised and convenient banking experience, which users prefer. Second, open banking encourages competition, which means better products and services. In the past years, it enabled the emergence of new business models and boosted financial inclusion. 

  • What will the future of open banking look like? 

Collaboration among banks, fintech companies and regulators will play a key role in the further adoption of open banking. For example, in 2024, the new PSD3 in Europe will be finalised. Regulations in other markets, for example, in the US, will also serve as the decisive factor on the global expansion of open banking. 

  • How is Noda participating in this future? 

​​Noda is a global open banking provider that assists online merchants with end-user KYC, payment processing, LTV forecasting and UX optimisation. We partner with 16,500 banks across 27 countries, spanning over 30,000 bank branches.  

Lasma Kuhtarska, co-founder & chief strategy officer at Noda

With Noda’s advanced Open Banking API, online businesses can easily integrate direct bank payments, offering their customers a seamless and secure payment experience with lower fees. Whether you’re looking to enhance customer verification processes, optimise payment systems, forecast long-term value, or refine user experience, Noda is your partner in growth.  

In conclusion, open banking stands at a pivotal juncture in the history of financial services. From the foundational PSD2 regulations in Europe to the precipice of global adoption, we have seen how open banking’s promise of innovation, personalized services, and financial inclusion is rapidly becoming a reality. Consumer adoption is on the rise, and the benefits are tangible, ranging from heightened competition to improved financial services and products. As we look ahead, the collaborative efforts of banks, fintech companies, and regulatory bodies will be essential in steering the course of open banking. With companies like Noda driving this revolution forward by enabling merchants to leverage comprehensive open banking APIs, the future looks bright. Noda’s active partnership with a vast network of banks and its commitment to enhancing KYC, payment processes, and customer experiences signify a leap toward a more integrated, inclusive, and user-centric financial ecosystem. Open banking is not just a trend; it is the blueprint for the future of finance. 

Article by Noda

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