Issue link: https://go.axway.com/i/1321495
3 Open Banking APIs State of the Market Report 2020 CONTENTS About the Authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Global Open Banking Platforms and Products . . . . . . . . . . . . . . . . . . . . . 6 Region: EUROPE & SCANDINAVIA 8 Region: UK 11 Region: NORTH AMERICA (USA & CANADA) 13 Region: LATIN AMERICA 16 Region: ASIA PACIFIC 18 Region: MIDDLE EAST & AFRICA 21 Promising Practices from 20 Open Banking Leaders . . . . . . . . . . . . . .23 Fintech using open banking APIs can benefit everyone 26 The Open Banking Fintech Ecosystem . . . . . . . . . . . . . . . . . . . . . . . . . . .26 The viability of fintech 27 Four models of fintech partnership 29 Promising practices emerging from Fintech using Open Banking APIs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 The benefits of open banking for consumers . . . . . . . . . . . . . . . . . . . . .32 Individual and household consumers 32 Small and medium enterprises (SMEs) 36 Enterprises 37 Low income consumers, including small businesses, in higher income countries 38 Is open banking helping the underserved? . . . . . . . . . . . . . . . . . . . . . . .38 Open Banking Regulations in 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 Emerging Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 API Specifications 43 API Standards 44 Other common standards being used in API design 45 Security as a first order concern . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 Common technologies used in managing security of open banking APIs 47 Building Resilience in an Age of Transformation . . . . . . . . . . . . . . . . . .48 Why open banking? 49 Banks have avoided some emerging threats 49 Meanwhile, 2020 has brought new threats to banks 51 And some the key threats remain the same 53 A shakeup is coming in the Age of Transformation 56 Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .58 Acknowledgements 59 Methodology 59 References 60