Issue link: https://go.axway.com/i/1321495
14 Open Banking APIs State of the Market Report 2020 OPEN BANKING PLATFORM GROWTH: USA & CANADA, Q2 2019 - Q3 2020 Q2.19 Q4.19 Q1.20 Q2.20 Q3.20 25 10 14 7 7 OPEN BANKING PRODUCTS GROWTH: USA & CANADA, Q2 2019 - Q3 2020 Q2.19 Q4.19 Q1.20 Q2.20 Q3.20 121 47 106 47 78 OPEN BANKING API PRODUCT BY CATEGORY IN USA & CANADA, Q3 2020 (N=121) USA & Canada Open Banking Trends 2019 - 2020 Canadian movement towards open banking is slow, although with new open banking regulations on the horizon, this may change. A strong influence in both the US and Canada is the nonprofit industry standards body, Financial Data Exchange, that works with fintech and banks to encourage use of an industry-agreed open banking API standard. This has helped facilitate partnerships and led to the creation of new digital financial services products that customers can link directly to their bank accounts. The limited range of open banking APIs also hides the activities of banks to open partner APIs such as those available to account-keeping software providers. These partner APIs enable digital services to link to a consenting customer's bank account directly, which avoids the need to use screen scraping technologies. SUMMARY Number of products Number of platforms Credit cards Bank product/ATM/Locations Data products Loyalty/rewards FX Trading Utilities Other Payment Accounts Identity (KYC and authentication) Credit scoring/loan pre-approvals 3 3 2 5 32 4 8 2 8 8 14 25 Number of products