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Global $98.5 Billion Open Banking Market Trends, Opportunities, & Forecasts, 2029F

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DUBLIN, March 5, 2024 /PRNewswire/ — The “Open Banking Market – Global Industry Size, Share, Trends, Opportunity, & Forecast 2019-2029” report has been added to  ResearchAndMarkets.com’s offering.

The Global Open Banking Market was valued at USD 22.54 billion in 2023 and is anticipated to grow with a CAGR of 27.9% through 2029, reaching USD 98.52 billion

The Global Open Banking Market is experiencing a significant surge, driven by the growing demand for enhanced financial services, technological advancements, and regulatory initiatives promoting financial transparency. Open banking refers to a system where financial institutions open up their data and services to third-party providers through APIs (Application Programming Interfaces).

This approach fosters innovation by allowing external developers to create new applications and services that leverage financial data. The market is witnessing a paradigm shift in consumer behavior, with individuals seeking more personalized and convenient banking solutions. Open banking facilitates seamless integration of various financial products and services, empowering consumers with a holistic view of their financial landscape.

Moreover, the rise of FinTech firms and technology giants entering the financial services sector is intensifying competition and prompting traditional banks to embrace open banking models. As a result, the market is experiencing collaborations, partnerships, and mergers to harness synergies between financial institutions and technology innovators.

The adoption of open banking is also gaining momentum due to regulatory initiatives, such as the Revised Payment Service Directive (PSD2) in Europe, which mandates banks to open up access to customer account information and payment services. With a projected compound annual growth rate (CAGR) in the double digits, the Global Open Banking Market is poised for continued expansion, reshaping the financial services landscape on a global scale.

Market Drivers:

Regulatory Initiatives and Compliance Requirements:

Governments and regulatory bodies globally recognize benefits of open banking.Mandates like PSD2 in Europe shape open banking, promoting competition and innovation.

Technological Advancements and API Integration:

Rapid adoption of APIs facilitates seamless data exchange among financial institutions and third-party providers.Technologies like cloud computing, AI, and blockchain further accelerate open banking integration.

Changing Consumer Behavior and Expectations:

Consumers seek personalized, digitally-driven banking experiences.Open banking empowers individuals with greater control over their financial data and access to diverse financial products.

Emergence of FinTech and Non-Banking Players:

FinTech firms leverage open banking to offer innovative, niche financial solutions.Partnerships between traditional banks and non-banking entities intensify competition and drive open banking adoption.

Globalization and Cross-Border Transactions:

Open banking facilitates seamless, efficient cross-border transactions.Collaboration between financial institutions from different regions standardizes open banking practices globally.

Key Market Challenges:

Security and Data Privacy Concerns:

Sharing financial data raises concerns about cybersecurity threats and data breaches.Implementing robust security measures and compliance with data protection regulations are imperative.

Standardization and Interoperability:

Lack of universal standards complicates open banking development and integration.Global collaboration needed to establish common APIs, data formats, and security protocols.

Resistance from Traditional Banking Institutions:

Legacy systems, organizational cultures, and fear of losing control hinder traditional banks’ adoption of open banking.Strategic partnerships with FinTech firms essential for modernization and innovation.

Regulatory Complexity and Compliance Burden:

Evolving regulatory landscape poses challenges for compliance across jurisdictions.Harmonization of regulatory frameworks globally needed to streamline compliance efforts.

Trust and Consumer Adoption:

Building trust among consumers crucial due to skepticism about sharing financial data.Transparent communication, robust authentication mechanisms, and financial literacy efforts necessary to foster consumer confidence.

Key Market Trends:

Expansion of Open Banking Ecosystems:

Open banking ecosystems broaden to include diverse participants beyond banks and FinTech firms.Collaboration leads to more comprehensive and customer-centric financial solutions.

Rise of Embedded Finance:

Financial services integrated directly into non-financial platforms, enhancing accessibility and convenience.Open banking APIs facilitate seamless embedding of financial functionalities into various applications.

Increased Emphasis on Data Analytics and AI:

Advanced analytics and AI technologies leverage financial data to deliver personalized and predictive services.AI algorithms enhance operational efficiency and customer engagement within open banking interfaces.

Regulatory Sandboxes and Innovation Hubs:

Governments establish controlled environments for testing new open banking products and services.Collaboration between regulators and industry stakeholders fosters innovation while ensuring consumer protection.

Focus on Financial Inclusion:

Open banking addresses gaps in access to financial services, particularly for underserved populations.Development of inclusive financial ecosystems aligns with global efforts to broaden financial inclusion.

Segmental Insights:

Financial Services Insights:

Payments Segment: Witnessing robust demand driven by consumers’ preference for faster, innovative payment solutions.

Distribution Channel Insights:

App Market Segment: Experiencing significant growth as consumers increasingly rely on mobile applications for banking needs.

Regional Insights:

North America Region: Experiencing substantial demand due to digitalization of financial services and regulatory support for open banking initiatives.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Open Banking Market.

Bannco Bilbao Vizcaya Argentaria, S.A.Credit AgricoleDemystData, Ltd.Finleap connectFinastraFormFree Holdings CorporationJack Henry & Associates, Inc.MambuMineralTree, Inc.NCR Corporation

Report Scope

Open Banking Market, By Financial Services:

Banking & Capital MarketsPaymentsDigital CurrenciesValue Added Services

Open Banking Market, By Distribution Channel:

Bank ChannelApp MarketDistributorsAggregators

Open Banking Market, By Region:

North AmericaUnited StatesCanadaMexicoEuropeFranceGermanySpainItalyUnited KingdomAsia-PacificChinaJapanIndiaVietnamSouth KoreaMiddle East & AfricaSouth AfricaSaudi ArabiaUAETurkeyKuwaitEgyptSouth AmericaBrazilArgentinaColombia

For more information about this report visit https://www.researchandmarkets.com/r/ilyyi0

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Research and Markets
Laura Wood, Senior Manager
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JAS Worldwide Signs SPA with International Airfreight Associates B.V.

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ATLANTA, Dec. 23, 2024 /PRNewswire/ — JAS Worldwide, a global leader in logistics and supply chain solutions, and International Airfreight Associates (IAA) B.V., a prominent provider of comprehensive Air and Ocean freight services headquartered in the Netherlands, are proud to announce the signing of a Share Purchase Agreement (SPA). This agreement marks an important step toward JAS Worldwide’s acquisition of IAA which, pending regulatory approval, is expected to be completed in the first quarter of 2025.

“This acquisition aligns with our strategic goals and enhances our ability to provide comprehensive logistics solutions to our clients. We eagerly await the finalization of this deal and look forward to welcoming IAA’s talented air and ocean team into the JAS family,” said Marco Rebuffi, CEO of JAS Worldwide.

“In JAS Worldwide we have found the right party to realize our growth ambitions and guarantee a pleasant working environment for our employees. By joining forces, we can also offer an even broader service to our current customers. We therefore look to the future with confidence” said Jur de Graaf, Managing Director of International Airfreight Associates.

IAA handles multi-modal general cargo and specializes in the transportation of perishable goods, with headquarters in The Netherlands and an operation in Germany. This acquisition will strengthen JAS’s presence in key markets and increase its expertise in managing time-sensitive perishable shipments.

The combined strengths of JAS Worldwide and IAA will drive value for customers through enhanced service offerings and a broader global network.

About JAS Worldwide
JAS Worldwide, a global leader in logistics and supply chain solutions, was founded in Milan, Italy in 1978. Headquartered in Atlanta, Georgia, and supported by 7,000+ team members in more than 100 countries, it focuses on creating solutions that are innovative, sustainable, and unique to each customer’s needs. At the heart of its success is its people, who are committed to delivering customer value. As a privately owned company, JAS maintains a steadfast commitment to creating opportunities for our communities, customers, and colleagues to thrive. Together.

About International Airfreight Associates B.V.
International Airfreight Associates B.V. is a trusted provider of airfreight logistics services with headquarters in the Netherlands and additional operations in Germany. With nearly 100 employees across four locations, including Amsterdam, Aalsmeer, Rotterdam, and Frankfurt, the company specializes in moving perishable goods and delivering tailored logistics solutions for a diverse range of clients.

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Orange County Register Names Roth Staffing Companies one of the Top Workplaces for 2024

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This year’s recognition marks Roth Staffing’s twelfth time on the prestigious list.

ORANGE, Calif., Dec. 23, 2024 /PRNewswire-PRWeb/ — Roth Staffing Companies has been named as one of the Top Workplaces 2024 by Orange County Register Top Workplaces, making it their twelfth time to receive this honor. Roth Staffing earned its spot in the midsize category.

“Having established our business here in Orange County more than 30 years ago, this recognition holds a special place in our hearts. We’re thrilled and grateful to once again be named a Top Workplace!” – Adam Roth, CEO of Roth Staffing Companies.

This list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage, LLC. The confidential survey uniquely measures the employee experience and its component themes, including employees feeling Respected & Supported, Enabled to Grow, and Empowered to Execute, to name a few.

“Having established our business here in Orange County more than 30 years ago, this recognition holds a special place in our hearts. We’re thrilled and grateful to once again be named a Top Workplace!” shared Adam Roth, CEO of Roth Staffing Companies. “At Roth Staffing, our coworkers take pride in their contributions and are inspired to enjoy the process along the way. It’s their dedication to fulfilling our Purpose, ‘To make life better for the people we serve,’ that has made this achievement possible. Here’s to many more milestones ahead in 2025 and beyond!”

About Roth Staffing
Roth Staffing Companies is one of the largest privately held staffing firms in the United States, operating from more than 100 locations across 20 states and the District of Columbia. Roth Staffing consists of five specialized business lines: Ultimate Staffing Services for administrative and office positions, Ledgent Finance & Accounting,Ledgent Technology, Adams & Martin Group for legal staffing, and About Talent for workforce solutions. 

Roth Staffing Companies, L.P. has locations Arizona: Phoenix; California: Brea, Carlsbad, Century City, Cerritos, Costa Mesa, Fremont, Fresno, Inland Empire, Irvine, La Jolla, Los Angeles, Orange County, Oxnard, Palo Alto, Pasadena, Pleasanton, Roseville, Sacramento, San Diego, San Francisco, San Jose, Torrance, Tustin, Woodland Hills; Colorado: Denver; Connecticut: Hartford, New Haven; Florida: Boca Raton, Clearwater, Fort Lauderdale, Orlando, Tampa, West Palm Beach; Georgia: Atlanta; Massachusetts: Boston; Maryland: Baltimore, Columbia, Frederick, Rockville, Timonium; Michigan: Detroit; Minnesota: Bloomington, Minneapolis; Missouri: St. Louis, Kansas City; North Carolina: Raleigh; New Hampshire: Nashua; New Jersey: Paramus; Nevada: Las Vegas; Oregon: Portland; Texas: Austin, Dallas, Houston, North Houston, San Antonio; Virginia: Arlington; Washington: Wisconsin: Milwaukee. 

About Energage
Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 17 years of culture research and the results from 27 million employees surveyed across more than 70,000 organizations,  Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.

Media Contact

Samantha Cabot, Roth Staffing Companies, 714-939-8600, scabot@rothstaffing.com, rothstaffing.com 

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Trading Technologies achieves high spot in Chartis Buyside Platforms 2024 Rankings

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Firm also earns “strong category leader” status for Energy and Equity Trade Surveillance Solutions in new Chartis Market Quadrants report

CHICAGO, Dec. 23, 2024 /PRNewswire/ — Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, has earned the number 12 spot in the Chartis Buyside Platforms 2024 ranking of the top 50 providers of buy-side platforms and technology. The report released this month showcases the leading players in financial infrastructure and highlights providers delivering essential services and tools – including trading networks, market data, prime brokerage services and more – to buy-side market participants. The ranking, which Chartis called a testament of the “commitment to delivering exceptional value and innovation” to that community, provides insights into how the companies are shaping the industry with advanced solutions in asset management, risk assessment and operational efficiency.

Separately, in Chartis’ just-released Market Quadrants report, which provides a detailed evaluation of key providers offering advanced surveillance solutions tailored to the unique needs of the energy and equity markets, TT achieved “strong category leader” status for both energy and equity trade surveillance solutions. In both categories, TT received a four-star rank for “Industry Leading Platform Capabilities.” Of particular note, TT earned “industry-leading” four-star rankings across all measures in the equity surveillance category, including analytics and modeling, pre-trade reporting, post-trade reporting, data infrastructure and database management, and data visualization and ease/speed of access capabilities.

TT CEO Keith Todd said: “With a long history of service to the sell side, we have been working diligently to grow our appeal to buy-side market participants, and we’re incredibly honored to have earned in short order a number 12 ranking on a cultivated list of the top 50 service providers in the buy-side sector. It’s a great accomplishment that our broadening of products, asset classes and services available on the TT® platform – including our expansion from futures trade surveillance to a powerful multi-asset offering – are already achieving industry-leading recognition across important measures.”

Handling over 2.5 billion transactions this year, the TT platform connects to more than 100 global exchanges and liquidity venues across a growing number of asset classes. The platform delivers advanced tools for trade execution and order management, market data solutions, analytics, trade surveillance, risk management and infrastructure services to the world’s leading sell-side institutions, buy-side firms and exchanges.

Buy-side participants leverage a wide range of TT tools to meet their trading needs, including a comprehensive suite of advanced execution algorithms, algo design and deployment tools, Autospreader and APIs. Through Abel Noser Solutions, a TT company, market participants employ a wide range of sophisticated transaction cost analysis (TCA) products and services across global equities, foreign exchange, futures, fixed income and options.

In June, the firm launched TT Trade Surveillance, a multi-asset trade surveillance solution combining new multi-asset coverage and dozens of new configurable models to supplement the machine learning-driven models from TT Score, the company’s first-generation trade surveillance platform. TT Trade Surveillance provides enhanced trade surveillance capabilities to a wide range of asset classes, including futures, equities, equity options, fixed income and foreign exchange (FX). The system has also recently added a new, innovative way to identify cross-product manipulation, where users can input correlated instruments directly into the user interface to create a single synthetic instrument, and utilize the machine-learning spoofing models to identify patterns of spoofing activity across multiple order books.

With this recognition, TT has now been honored globally and regionally 14 times this year for the TT platform, trade surveillance capabilities, algorithmic trading solution, TCA tool, execution management system (EMS), order management system (OMS) and market data services.

About Trading Technologies

Trading Technologies (www.tradingtechnologies.com) is a Software-as-a-Service (SaaS) technology platform provider to the global capital markets industry. The company’s award-winning TT® platform connects to the world’s major international exchanges and liquidity venues in listed derivatives alongside a growing number of asset classes, including fixed income, foreign exchange (FX) and cryptocurrencies. The TT platform delivers advanced tools for trade execution and order management, market data solutions, analytics, trade surveillance, risk management, clearing, post-trade allocation and infrastructure services to the world’s leading sell-side institutions, buy-side firms and exchanges. The company’s blue-chip client base includes the Tier 1 banks as well as brokers, money managers, hedge funds, proprietary traders, Commodity Trading Advisors (CTAs), commercial hedgers and risk managers. These firms rely on the TT ecosystem to manage their end-to-end trading operations. In addition, exchanges utilize TT’s technology to deliver innovative solutions to their market participants. TT also strategically partners with technology companies to make their complementary offerings available to Trading Technologies’ global client base through the TT ecosystem.

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