Read on to learn about what open banking is and how it works.
Open banking is quickly becoming the next big thing in financial services, but only around 50% of the UK are aware it exists, so what is it?
Open banking is a technological innovation allowing third parties, like Crezco, to offer users new features or products, such as payments, by communicating with their bank via secure APIs.
How well has it been adopted?
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86% of financial institutions already see the value of open banking
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94% of fintechs agree open banking can enhance their services
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99% of UK banks can be used through Crezco's API link
Key Benefits
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Faster payments
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Better access to financial products
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Increased security
Where next?
Open banking in the UK and Europe has taken off thanks to regulatory tailwinds with countries across the globe following suit, including: Brazil, Mexico, Saudi Arabia, India, Japan, Hong Kong, Singapore and Australia.
Learn more here.