LONDON—Expect open banking to make major inroads in 2019, one expert is predicting.
“As more people transfer money internationally on a regular basis, open banking will likely dominate the banking industry sooner than expected, while crypto-based services will also gain ground in the remittance sector. Innovation will be the order of the day, according to analysts as the world moves away from traditional ways of doing banking,” said Andrea Barnes, communications manager at, FXcompared.
Barnes cited a statement from a Barclays executive that financial digital revolution will take center stage this year.
“While open banking is similar to what many of the United Kingdom’s fintechs offer, there is still a need for massive support for it to be applied,” said Barnes. “While there will be questions about security and privacy, open banking APIs are expected to go mainstream to streamline processes.”
Open banking will make things a lot easier for businesses to manage their accounts, Barnes said.
“It is also noted by proponents of open banking that it will eliminate the paperwork needed to make business-to-business transfers,” she said.
LONDON—Expect open banking to make major inroads in 2019, one expert is predicting.
“As more people transfer money internationally on a regular basis, open banking will likely dominate the banking industry sooner than expected, while crypto-based services will also gain ground in the remittance sector. Innovation will be the order of the day, according to analysts as the world moves away from traditional ways of doing banking,” said Andrea Barnes, communications manager at, FXcompared.
Barnes cited a statement from a Barclays executive that financial digital revolution will take center stage this year.
“While open banking is similar to what many of the United Kingdom’s fintechs offer, there is still a need for massive support for it to be applied,” said Barnes. “While there will be questions about security and privacy, open banking APIs are expected to go mainstream to streamline processes.”
Open banking will make things a lot easier for businesses to manage their accounts, Barnes said.
“It is also noted by proponents of open banking that it will eliminate the paperwork needed to make business-to-business transfers,” she said.