In an Open Banking ecosystem, financial institutions extend the opportunity for third-party providers to integrate with their infrastructure. A primary method, frequently mentioned throughout this narrative, involves the utilization of APIs. This opening of infrastructure not only facilitates connectivity but also enables financial institutions to harness the technologies of third parties, thereby enhancing their own infrastructure. This collaborative framework allows all involved parties to construct solutions by seamlessly integrating specialized tools at each stage of the process.
Our open banking report delves into the global perspective, highlighting the pioneering role of the UK in open banking, identifying key players in South Africa, and addressing the challenges and barriers to implementing this ecosystem. Explore the complete or condensed report here.