Open banking: Are merchants ready? 

It is undeniable that Open Banking has been slow to take off since the launch of PSD2 a year and a half ago; yet we are starting to witness encouraging signs that the initiative is gaining momentum.

The first edition of our ‘Open Banking World Series’ report found that Open Banking is about to reach a tipping point in the UK; 89% of merchants are primed for Open Banking. Merchants are beginning to actively assess the impact and benefits Open Banking will have on their businesses and end-users.

We asked the retail industry including, airlines, supermarkets and subscription economy merchants what action they had taken and found that only 11% had not yet considered its impacts and a further 2% believe that it will have no impact.

Additionally, we found that merchants not only understand the advantages for themselves but also have a strong grasp of the knock-on benefits to their end customers. Chief among these are ‘greater control for the end user’, with 68% of respondents telling us this was very important, closely followed by ‘improved customer experience’ (51%).

These findings are crucial because they demonstrate that merchants see Open Banking as an enabler for improving customer experiences – one of the key competitive battlefields of today.

If you’d like to read more on our findings, you can download our ‘Open Banking World Series – Edition 1’ report.

About Nuapay

Nuapay is a pioneer of Open Banking and is the industry’s leading provider of Account-2-Account payment solutions environment. Building upon the trust, scale, and experience of our parent company Sentenial we– who securely process over €42bn every year as an outsourcing provider to many of the world’s leading Banks – and continually we have worked tirelessly to reinvent what’s possible from a modern banking and payment solution.

Today, we offer partners all around Europe the world a fully comprehensive, integrated payment solution that removes all traditional banking inefficiencies and unnecessary costs, saving you time, money and resources at every turn. This is banking as it should be.