The adoption of the third iteration of the Payment Services Directive may be seen in 2025, which — among other changes — looks to improve the framework for open banking, a market which is expected to continue growing exponentially and exceed $31bn in 2024, up from $24.67bn in 2023.
Driven by demand for fast and real-time fund transfers and the expansion of digital banking services, the Open Banking Global Market Report 2024 predicts that the open banking market will grow to $75.4bn in 2028 at a compound annual growth rate of nearly 25 per cent.
