NJ New Jersey, USA -- (SBWIRE) -- 12/09/2022 -- The latest study released on the Global Open Banking Systems Market by AMA Research evaluates market size, trend, and forecast to 2027. The Open Banking Systems market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities and upcoming challenges and about the competitors.
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Key Players in This Report Include: GoCardless (United States), Plaid Exchange (United States), Oracle (United States), Qatar National Bank (Qatar), BBVA Open Platform Inc. (United States), Credit Agricole (France), DemystData (United States), Figo GmbH (Germany), Mastercard (United States) and Finastra (United Kingdom).
Definition: Open banking is a system that enables access to and management of consumer banking and financial accounts by third-party applications. Open banking, often known as open bank data, is a practise in banking that allows non-bank financial companies to access consumer banking, transactional, and other data from banks and other financial institutions. Open banking is the practise of granting access to banking transactions and other data from banks and financial institutions to third-party payment service and other financial service providers in order to facilitate secure interoperability in the banking industry. Open banking exposes consumers to both potential benefits and substantial risks as more of their data is shared broadly.
On 21 June 2022 Qatar National Bank launches open banking platform for fintechs. Qatar National Bank (QNB) has expanded access to its open banking platform, making it available to the bank's customers, partners, and fintechs in the country. According to QNB, its open banking APIs have the potential to transform the fintech landscape in Qatar and aid in the development of "innovative futuristic solutions" for nationals, residents, and visitors to the country. Customers, fintechs, and third-party providers will gain access to QNB's core financial services, allowing them to securely share customer data and facilitate payments between organisations
Europe: In Europe, the revised Payment Services Directive (PSD2) applies to banks and e-money providers and makes third-party access to transactional data and payment operations easier. Banks have the option of developing APIs, which, while not standardised, must be approved by authorities. To aid implementation, industry groups such as The Berlin Group have developed their own API standards. Mexico's Fintech Law, on the other hand, applies to almost all types of financial entities as well as transactional and product data, but not payment operations. Authorities are developing common API standards.
Influencing Trends
The Digital Payment System Is Rapidly Expanding As New Payment Methods Rise
Big Data Analysis in Banking System
Growth Drivers
The Rising Demand of Online Application for Making Payment
Rising Adoption of Online Payment App
The Global Open Banking Systems Market segments and Market Data Break Down are illuminated below:
by Type (Hybrid, Cloud, Others), End Users (Adult, Teenagers, Others), Distribution Channel (Bank, App, Distributer, Others), Services Type (Information Services, Transaction Services, Communication Services) Players and Region - Global Market Outlook to 2027
Global Open Banking Systems market report highlights information regarding the current and future industry trends, growth patterns, as well as it offers business strategies to helps the stakeholders in making sound decisions that may help to ensure the profit trajectory over the forecast years.
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Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
The Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
North America (United States, Mexico & Canada)
South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).
Objectives of the Report
-To carefully analyze and forecast the size of the Open Banking Systems market by value and volume.
-To estimate the market shares of major segments of the Open Banking Systems
-To showcase the development of the Open Banking Systems market in different parts of the world.
-To analyze and study micro-markets in terms of their contributions to the Open Banking Systems market, their prospects, and individual growth trends.
-To offer precise and useful details about factors affecting the growth of the Open Banking Systems
-To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Open Banking Systems market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
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Major highlights from Table of Contents:
Open Banking Systems Market Study Coverage:
It includes major manufacturers, emerging player's growth story, and major business segments of Open Banking Systems market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
Open Banking Systems Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
Open Banking Systems Market Production by Region Open Banking Systems Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.
Key Points Covered in Open Banking Systems Market Report:
Open Banking Systems Overview, Definition and Classification Market drivers and barriers
Open Banking Systems Market Competition by Manufacturers
Impact Analysis of COVID-19 on Open Banking Systems Market
Open Banking Systems Capacity, Production, Revenue (Value) by Region (2021-2027)
Open Banking Systems Supply (Production), Consumption, Export, Import by Region (2021-2027)
Open Banking Systems Production, Revenue (Value), Price Trend by Type
Open Banking Systems Market Analysis by Application
Open Banking Systems Manufacturers Profiles/Analysis Open Banking Systems Manufacturing Cost Analysis, Industrial/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and collaborative initiatives, Industry road map and value chain Market Effect Factors Analysis.
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Key questions answered
How feasible is Open Banking Systems market for long-term investment?
What are influencing factors driving the demand for Open Banking Systems near future?
What is the impact analysis of various factors in the Global Open Banking Systems market growth?
What are the recent trends in the regional market and how successful they are?
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