Harnessing Open Finance: A Shift to Reshape the Global Payment Landscape

In this session, speakers address the rising significance of Open Finance, a transformative development akin to Open Banking. Panelists explore how Open Finance APIs developed by leading marketplaces are enabling virtual bank account providers to secure proof of funds before transferring money to regulated regions like China and India. These Open Finance APIs not only offer a competitive edge but also create opportunities for revenue sharing through FX transfers and proof of funds services. On the consumer front the discussion will center on the evolution of salary account switching products and new features allowing seamless bill payment transitions. As with Open Banking these APIs promise wider access to financial data enabling secure user-consented data sharing under appropriate regulations.