The third quarter of 2023 witnessed significant developments in the banking and fintech sector, focusing on Open Finance, Open Banking payments, digital banking technology, financial crime prevention, and crypto-related advancements.
Open Banking and Open Finance gained momentum globally, with collaborations such as Salt Edge and Kindgeek providing PSD2 and Open Banking solutions. GoCardless and SMB platform Xero renewed their partnership, and Treasury Prime partnered with Astra for real-time payments. ACI Worldwide and Microsoft aimed to facilitate instant payments, while Standard Chartered and Starfish Digital focused on API-led real-time data for cash management.
In Europe, Open Banking adoption surged, with collaborations involving the Centre for Finance, Innovation and Technology (CFIT) and partners like Amazon Web Services, HSBC, and Revolut. Volt partnered with Primer for Open Banking tech, and TrueLayer collaborated with InvestEngine and Payhawk.
In the Americas, partnerships like Moneyhub and MX aimed to drive Open Finance. Conduent tapped the Federal Reserve’s instant payment service FedNow, while BNY Mellon launched Open Banking service Bankify. In South America, BanCoppel partnered with Temenos to modernize core banking services.
In APAC and MENA, ACI Worldwide collaborated with Security Bank, and GAT Investment Bank partnered with Currencycloud. Infosys and Microsoft completed a digital program for Bendigo and Adelaide Bank in Australia. In the UAE, 360tf partnered with Ebury to enhance financial services.
Digital banking technology collaborations included Mastercard’s partnerships with various entities for financial inclusion and product launches. Finastra collaborated with MX Technologies, Microsoft, and Tonik to support banks, modernize IT infrastructures, and enhance digital banking capabilities.
Financial crime and fraud prevention efforts involved collaborations between FullCircl and ComplyAdvantage for AML and KYC screening. Mastercard and Riskified aimed to mitigate fraud, and nsKnox provided fraud protection to Meta Platforms.
In the crypto and CBDC space, collaborations included the Bank of England and Nuggets for a privacy layer for the UK’s CBDC. Circle and Mercado Pago sought to bring USDC to Chile, and Visa expanded stablecoin settlement capabilities to the Solana blockchain.
Overall, these partnerships underscored the industry’s focus on digitalization, Open Banking, instant payments, and fraud prevention, signaling ongoing efforts to meet consumer demands and enhance financial services. The analysis also anticipates further developments in the fourth quarter of 2023, including mergers and investments in the industry. read full article here.
