UK leads open banking surge across Europe
The UK is leading the rest of Europe in open banking adoption for the second year running, as open banking adoption continues its surge.
According to new research from open banking provider Yapily, open banking maturity is accelerating across Europe, with 67 per cent of markets improving their uptake since 2021.
For the second year in a row, the UK is top of Yapily’s open banking leader board, but Germany and Sweden are in a close second and third place, respectively.
“The UK may have retained its position at the top of the leader board, but other markets are fast catching up,” said Maria Palmieri, director of public policy at Yapily.
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“To stay there, the UK government must act quickly and decisively to encourage further growth and innovation.”
There are now six million active users of open banking in the UK, with open banking payments growing by 400 per cent year on year. The UK also has the highest number of registered third party providers in Europe, helping to turbocharge the development of its open banking ecosystem.
“The league table shows that Europe is making significant strides in open banking, but we must continue to press on,” said Stefano Vaccino, founder and chief executive of Yapily.
“We are on the brink of a financial revolution that will help to create better and more accessible financial services for everyone. I’m excited to watch these markets continue to drive innovation and adoption forward as we evolve from open banking towards open finance – and beyond that horizon, open data.”
Yapily ranked 18 European countries on a 10-point scale according to the maturity of open banking in each market in order to produce its league table.
The league table is based on a number of criteria, including local regulatory oversight and enforcement, digital readiness of the population, domestic payments infrastructure, bank integrations, the presence of third party providers, and API performance and standardisation.
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