Who are the key players in Open Banking 2021?

The Paypers has released an updated version of its global scale infographic and industry mapping of key players in the Open Banking ecosystem.

The INNOPAY and The Paypers Open Banking survey, which was conducted in May 2020 amongst over 2000 financial institutions and banks. This survey showed financial institutions’ insecurities and concerns regarding Open Banking and its potential benefits. Also, the survey showcased a need within the market to shine a light on who is who in the Open Banking ecosystem and which are its key players.

Open Banking and digitalisation come with promises and financial institutions have to adjust to their customers’ needs in all the segments, to provide personalised offers and propositions. Furthermore, financial institutions have to be constantly aware of which are new Open Banking tech providers and keep track of them to choose the most suitable partner in their digitalisation journey. 

With this in mind, we created a global scale outlay of the global Open Banking ecosystem in the guise of a thorough infographic and industry mapping of the key solution providers in Open Banking.

The global industry mapping delineates 8 core categories in Open Banking, as follows:

• Open Banking enablers;
• API connectivity for payment initiation;
• API connectivity for data retrieval & value-added data solutions and services;
• Consent management;
• Third-party providers checking and repository;
• End-user solutions and propositions;
• Fraud/risk/security;
• Bank in the box/banking-as-a-service/core banking infrastructure.

The Paypers` updated mapping of the global key players’ ecosystem can help discover the lengthy array of services and solutions that Open Banking players are offering in their quest to keep up with the ever-changing customer needs and expectations, while offering our readers an educational, exhaustive infographic, allowing them the opportunity to learn about the industry’s future perspectives and helping financial institutions and businesses choose the right Open Banking partner and solution provider.