Plaid publishes “The financial wellbeing revolution: Unlocking the full potential of Open Banking payments in Europe” Report.
Open Banking could transform financial wellbeing for consumers across Europe and the globe. By 2026, Open Banking-enabled payments could reach €110 billion in value, up from €3.8 billion in 2021, with Europe accounting for over 75 percent of users globally, according to Juniper Research.
The full potential of Open Banking has yet to be realised, however. If the European Union is to maintain its market-leading position, Plaid believes that policymakers should prioritise three broad goals to unlock financial freedom for all
Europe could lead a revolution in financial wellbeing for consumers and unlock financial freedom for all. The broad goals outlined above, and discussed further in the report, provide a roadmap for the European Commission, member states, and other industry players to harness the full potential of this ecosystem.