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The Journey from Open Banking to Open Finance… And Beyond?

In the News

FinTech Alliance – by Alistair Brown

The Journey from Open Banking to Open Finance… And Beyond?

Open banking, now active in multiple jurisdictions across the globe, was initially driven hard by the UK within the strictures of EU regulation, with other non-EU countries subsequently re-interpreting its central thinking for the specifics of their local markets. This has created the foundation for embedded finance, which will now evolve further towards open finance, and eventually open data. 


Open banking, an innovation accelerator in the banking industry, is at the root of embedded finance and the provision of banking services to non-financial organizations. This has led to a remarkable number of new products coming down the line from FinTechs.

Whilst regulation may have shaped open banking, the market is now determining its evolution as more consumers are realizing the advantages. However, the direction in which these new offerings are taking businesses, consumers and financial services is more complex.

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For more information about embedded finance, read EPAM’s latest white paper Navigating the Journey from Retailer to FinTech.