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 global financial automation and payments company Serrala to simplify the billing process and reduce transaction fees for billers while improving the payment experience for millions of consumers across Europe.
Financial executives in Europe see open banking as a revolution, and are embracing it more than ever. But many expect it will take several years to get there. While transformation takes time – there could be a way to accelerate it.
Lemonway, a French payments service provider, launched their Pay By Bank with Tink, a new service that allows their merchants to offer users an easy, secure, and convenient digital payment method.