Open Banking is Gaining Traction: How far will it go?

By: AltPayNet

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Open banking is changing financial services worldwide, and the way consumers are accessing their account data and making payments will never be the same.

Thanks to the partnerships between the payments industry and fintech companies over the past decade, technology is bringing increased simplicity and interconnectedness to consumers’ financial data. Today, many consumers throughout the world can connect their bank accounts, paychecks and other funds directly to merchant sites, subscription services, money transfer apps and other financial services to create a seamless flow of personal financial management. And the possibilities are growing.

Open banking could easily evolve into a financial and shopping ecosystem where “all the things that you would need at a moment’s notice are at your fingertips and seamlessly integrated,” Chris Skinner, CEO of The Finanser Ltd., explained in a recent interview.

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