Open banking has reached new heights — and financial institutions must keep up with this growing technology in satisfy consumer need for real-time payments.

Accelerating Open Banking Adoption Will Drive Real-Time Payments Growth

Open Banking and Real-Time Payments: An Essential Partnership

Open banking could unlock the next step in real-time payments’ evolution by bringing them directly to consumers through banks’ APIs, but acceptance in the U.S. will require a concerted effort between the industry and policymakers, says Akoya’s Anil Mahalaha. in the “Real-Time Payments Tracker®,” a collaboration with The Clearing House.

Inside the May Tracker

  • Anil Mahalaha, head of solutions at Akoya, explains why open banking proliferation in the U.S. needs government leadership.
  • In a recent survey, 36% of consumers said they did not want to share their card information for push payments, while 33% did not want to share their bank account information.
  • This month’s PYMNTS Intelligence examines how open banking can accelerate real-time payments implementation and how open banking regulations in the U.S. and Europe affect real-time payments in these regions.

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