THE UK AND SCANDINAVIA LEAD THE WAY IN THE OPEN BANKING READINESS SYSTEM
According to a survey of 10 European countries by Mastercard, the UK and Scandinavia are leading the world in developing and using open banking systems, high levels of consumer readiness, numerous banking APIs, and regulatory solutions.
The report, titled "Open Banking Readiness Index — The Future of Open Banking in Europe," concluded that smartphone and online banking use is widespread in the UK and Scandinavia and that the necessary indicators well met each other.
Founded in 2016, the UK Open Banking Implementation Entity estimates that around 294 fintech and payment service providers have joined the UK ecosystem. One hundred two of them have started implementing the system in their markets.
The cooperation models of the Scandinavian countries and the P27 initiative have contributed significantly to the open banking readiness index in the region. Also, most Nordic banks, Nordea Group and DNB Bank have adopted the open banking strategy.
Jim Wadsworth, Vice President of Open Banking at Mastercard, said: "All European banks are moving towards a fully open banking system using PSD2 models developed by European countries. Otherwise, Great Britain and the Nordic countries are leading the way in the high level of consumer readiness and numerous implemented solutions."
Mongolian Fintech Association