January of this year marked four years since the new Payments Service Directive 2 (PSD2) came into
force, and its impact has been more prominent than many experts previously predicted. 83% of financial
executives say that it has had a revolutionary impact on the industry. Indeed, the ripple effect has been
far and wide.
As of March 2022, there were 535 third-party providers (TPPs) registered across the United Kingdom and
European Economic Area – a two-year growth of +72%.
And the result has been a proliferation of open banking-powered use cases.
End-consumers have had a taste of what open banking can offer, and they want more. The question is:
Are banks able to deliver?
Data taken from research conducted by our partners Tink. Click here to read the full report, The open banking revolution
THE RISE OF OPEN BANKING
535
third-party
providers (TPPs)
S
E
C
U
R
I
T
Y
A
N
D
C
O
M
P
L
I
A
N
C
E
I
N
O
P
E
N
B
A
N
K
I
N
G
W
H
I
T
E
P
A
P
E
R
BANKS
DELIVERING ON
OPEN BANKING
02
STAYING
SECURE
03
COMPLIANCE
ACTING AS A
CATALYST
04
STAYING IN-HOUSE
OR SEEKING
THIRD-PARTY HELP
05
THE FUTURE IS
OPEN. BANKS
NEED TO BE READY
06
THE RISE OF OPEN
BANKING
01
+72%
MARCH 2020 MARCH 2022
THIRD-PARTY PROVIDERS (TPPS) REGISTERED ACROSS
THE UNITED KINGDOM AND EUROPEAN ECONOMIC AREA
Remittance
Digital
lending
Personal finance
management
Multi-banking
Credit
scoring
