Open Banking is a worldwide movement encouraging financial technology innovation and enhanced transparency of data ownership. According to Gartner, 50% of G20 countries will adopt a form of Open Banking regime in the next year. However, regulating this new reality can be a minefield.
Learn how different regulators are leveraging Open Banking around the world and discover the emerging best practices.
Open Bank Project collaborates with Red Hat to Deliver Next Generation Open Banking Solutions
Integrated with Red Hat® Fuse, the Open Bank Project gives enterprises access to more than 160 application programming interfaces (APIs) used by a global developer community. Learn more in the partner solution brief below.
How Citizens Financial Group Inc leverages Open Bank Project technology & hackathons to drive innovation. During the last weekend of July 2018, over 70 software developers from across the financial services and FinTech ecosystems gathered in Boston, Massachusetts, to compete in the Citizens Bank Hackathon. A total of sixteen teams participated in the competition, harnessing the unlimited potential of digital banking via the Open Bank Project’s sandbox environment with over 160 banking APIs. Check out the highlights from the Citizens Challenge here or download the case study below.
Fostering ongoing development of the Australian payments system, APC held Australia’s first cross-industry hackathon simultaneously in Melbourne and Sydney. The event was supported by 12 members of the Council: ANZ, Bendigo, Coles, CBA, Cuscal, NAB, eftpos, MasterCard, RBA, Suncorp, Tyro Payments and Westpac. The event was attended by over 150 participants and saw two winning teams grab the 5000 AUD cash prize. Check out the highlights here or download the case study below.
Open Bank Project powers fintech APIs for 86 400, challenger to the big 4 in Australia
Fully funded and backed by Cuscal, 86 400 – Challenger to the BIG 4 banks in Australia will use Open Bank Project API definitions to standardise and harmonise its API design, enabling access to a global network of over 10,000 fintech developers. Check out the joint press release below for more information.
The past year has seen a growing interest in open APIs in banking, notably triggered by PSD2 in Europe and the Open Banking Standard in the U.K.
With this research survey, and together with the Warwick Business School and Bank Innovation, we aim to better understand how banks worldwide are prioritizing API initiatives and why. We intended for the query to uncover the drivers behind the banking industry’s current API practices and highlight the most important trends. Our key findings are:
Open Banking is reaching a tipping point
Cost reduction & customer satisfaction among key drivers of Open Banking
Corporate culture is still the main challenge facing Open Banking initiatives, but banks are working on It with some success.
Europe has taken a clear lead in Open Banking
Download the report today to learn more about Open Banking and how other banks are doing.