Rapid tech innovation in a growing digital landscape, along with changing customer preferences have brought regulatory changes that promise to revolutionize the way people bank.
On January 13th 2018, Open Banking was officially launched in the UK and the revised Payment Services Directive (PSD2) came into force in Europe.
Since then a steady pipeline of new entrants have arrived in the open banking ecosystem developing compelling and innovative propositions that will ultimately help customers move, manage, and make more with their money.
In this mini-report Virtusa reviews a myriad of innovative open banking developments that were launched in the UK and Europe, analyzes the current status and factors that will drive open banking forward.