At the beginning of 2019, we set our sights on making the most of the opportunity that open banking is offering – a huge industry shift that is bringing about a new generation of financial services to market. Before we wrap up another year, we’re looking back at our own journey in 2019 and how it reflects this industry-wide transformation.
This was a year in which we saw huge demand from European markets for open banking services and the kind of tech we engineer – and because of that, our number of customers quadrupled. To better serve our customers in each market and be closer to their day-to-day, we established new offices with talented teams in seven new countries.
Some of the biggest banks and financial organisations in Europe partnered with us or went live with our tech this year. Like PayPal, who will be using aggregation to improve the product experience they offer, and CGD, who built and launched award-winning PFM app DABOX based on our platform.
Like everyone in the industry, we embarked on a massive PSD2 implementation effort to meet the September deadline and improve the tech environment in Europe. We put in substantial effort into solidifying our connectivity and developing our products in order to meet the demand for open banking tech across the continent.
In the last few weeks of the year, as everyone powers down to set ambitious new goals for the future, we’ve compiled the numbers that truly illustrate the year that was 2019.
We’re partnering with German payments provider Novalnet to take real-time, open banking powered payments across Europe, starting with Germany and the UK, enabling merchants to receive transactions almost instantly.
What is considered a payment account under PSD2 and what isn’t? Seems like a simple question, right? But, as with most topics in the finance industry, the answer is almost always ‘well, it depends…
In our new report ‘open banking in a post-pandemic world’ 41% of Europe’s financial executives believe the digital shift caused by Covid is permanent – with over two thirds saying the pandemic has increased their focus on open banking.