The future of open banking rests on innovation

afr.com:

The world is rapidly evolving, and innovations across the business world have been moving at a blistering pace. Particularly in the last three years, when the pandemic fuelled a seismic shift in behaviour, driving a radical adoption of digital services.

Much of that shift has been facilitated by digital payment and banking services – a sector that has boomed amid a preference to do business more seamlessly and faster than ever before.

Digital experiences have become the default for consumers to interact with financial services products. iStock

“Digital first banking experiences have become the default way for consumers to interact with their financial services products like making payments and managing their financial lives,” Brenton Charnley, head of open banking at Mastercard says.

The digital technology company innovates to accomplish its mission – to connect and power an inclusive digital economy that benefits everyone, everywhere, to make transactions safe, simple, smart and accessible.

One of the most exciting innovations in digital payments and banking right now is open banking, which itself relies on many digital innovations including identity, data security, data processing and analytics, according to Charnley.

Lockdowns may be over, but the global technology company continues to invest in the future of open banking and global expansion. As the space evolves, the company is taking a developer-centric approach to provide all players in this space, from other banks, organisations and small businesses with the tools and security principles they need to get the most out of open banking.

The world never stands still, and innovation is what enables businesses to grow and meet evolving challenges, Charnley says.

“Key