Help Your Merchants Grow with Open Banking

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Open Banking Transforms Payment Systems

Before open banking, traditional banks held a monopoly over customer data. In 2018, the EU’s PSD2 mandated banks to share information with authroised third-party providers, such as Noda, with customer consent.

Open banking uses application programming interfaces (APIs) for software communication to transfer data. When users opt for an open banking payment, they are redirected to their trusted bank’s interface.

An increasing number of consumers and merchants worldwide are embracing this emerging technology. Juniper Research forecasts the total value of open banking payments to surge from $57bn in 2023 to $330bn by 2027. What was once considered innovative is quickly becoming a widely adopted payment method.