Issue link: https://recursos.axway.com/i/1321495
4 Open Banking APIs State of the Market Report 2020 FOREWORD 2020 is seeing major shifts and growth patterns in the open banking ecosystem worldwide. This report, the Opening Banking APIs State of the Market Report 2020, now updated with the latest Q3 data, describes a vibrant industry that is rapidly shifting to a more digitized, more interconnected, more platform-based environment. Reading over the data presented here, it is obvious that banks are maturing towards 'platform banking', in which individual banks open up a suite of APIs and aim to create the best developer experience possible in order to help third party providers build new kinds of financial solutions - ultimately extending the banks' reach. But the true potential of open banking aims for so much more than each bank having a developer portal and open APIs. Open banking is only realized when there are common, open API standards for the entire ecosystem, and that is the journey the world of open banking is on in 2020 and beyond. The standards and practices that open banking is putting in place today will form the foundation for the global economy of the 21st century. Despite early challenges, open banking has been demonstrating continued growth and adoption. By Q3 2020, we are seeing 432 banks with open banking platforms, a growth of 269% over 2019. This has been made possible by two key enablers: standards and regulation. On the standards side, whether efforts are led by government or by industry, banks are increasingly turning towards common tools that enable third party providers to integrate multiple banks at once, rapidly accelerating the growth of ecosystems. New integration and aggregation platforms are also emerging (or being acquired) to help support fintech startups and established enterprises to integrate with multiple banks at once, increasingly based on open standards. Regulations have also really helped accelerate the movement towards open banking. Regulations are introduced for different reasons, often tied to the local culture, the state of legacy banking infrastructure and the relationship people have to their banks. However, what many have in common is a focus on innovation and competition, with the benefits for the end bank customer clearly in mind. As we continue to face shared global challenges, such as the COVID-19 crisis this year, it becomes even more essential than ever that our financial institutions and economic infrastructure can collaborate and enable digital access at all times. While open banking is still in its nascent stage, 2020 has proven to be a signature year in reorienting the industry towards an open, integrated ecosystem for the secure sharing of financial data. Bank and fintech ecosystem stakeholders need to implement open APIs in a way that leverage industry standards, meet regulations across all regions, and ensure data and digital services are securely provided so that customers can benefit from the open banking opportunity. I am excited that Axway is sponsoring this groundbreaking research that draws on in-depth market data to identify where the open banking industry is at, and what needs to happen next to make the benefits of open banking flow on to everyone. Eyal Sivan Mr. Open Banking