Digital Banking

Open banking to reach $116B by 2026

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November 8, 2021

Open banking payment transactions will reach $116 billion by 2026, according to a report by Juniper Research. This is up from just under $4 billion in 2021.

The primary drivers of this growth include growing user awareness of opening banking, as well as support from the U.S. government and the Second Payment Services Directive in Europe. The report does recommend that API vendors look beyond regulatory minimum requirements such as the PSD2 to deliver other products such as loans, credit cards and mortgages.

While PSD2 is a great starting point, it is not the end goal for open banking — supportive regulation must be a platform for much greater innovation," Damla Sat, co-author of the report at Juniper Research, said in a press release. "The race is on for vendors to build the most compelling capabilities for the future of open finance."