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Yapily has released new data which shows that the UK, Ireland, and Germany outscore the opposition in their adoption of Open Banking in the EU Open Banking league table.
The league table – based on data compiled in 2021 by Yapily through its EU-wide Open Banking API infrastructure and monitoring tools – reveals that while parts of the EU are making positive strides to drive Open Banking adoption and are on track to evolve into Open Finance, others are behind and missing their scoring opportunity.
Each country has been ranked based on levels of supervision and enforcement by the member state, the presence of Open Banking from a technical standard, regulator interpretation, API standards and bank readiness, and overall product score. Yapily has also shared regulatory insight on where and how each country can improve their overall score and ranking.
Open Banking usage has increased since the start of the pandemic. In the UK alone, the OBIE reports that over 3 million consumers now use Open Banking-enabled products and services to improve their financial well-being.
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