Open Banking
Open Banking continues to grow globally beyond 2022
Open banking in the Blukite Network is the precursor to an open world objective. Joining people and banks around the world to provide an instant payment experience efficiently, and cost effectively, is at the heart of our culture.
Via API connectivity Blukite Network offers its Partners the ability to integrate seamlessly with the blukite network. With access to our new payment terminals, banks and innovators can rapidly integrate Blukite technology to develop new solutions and strengthening of the payment’s ecosystem.
Open Banking continues to grow globally beyond 2022
Open Banking is changing the way in which, for the past 70 years, the main stays of payments have been done, with cash, cheques, cards or bank transfers.
Efficient means of payments are crucial for the integration of financial services as well as setting new standards for payments that will be more able to respond to the changes that will come with any increase in demand.
The objective for Blukite is that speeding up and simplifying payments, banks and financial technology companies will be motivated to innovate and provide new, more accessible services to their customers.
The outreach of Open Banking
Blukite’s real-time payment network is designed to enhance the payment experience of the 1,000,000 new users of Open Banking services every six months. The UK has already reached 5,000,000 users of all age groups and this number is expected 7.5 billion globally by 2024.
Enhancing the awareness of the consumer to the benefits of Open Banking is a challenge that the financial industry face collectively. Through education and enhanced security features, along with other benefits, the benefits need to be communicated to the consumer in order to drive their enthusiasm to adopt new methods in payment techniques.
Since the changes made in the Payment Service Directive four years ago, Open Banking in the UK has started to see a surge in activity with over 26 million payments being processed in the last year alone.
Open Banking facilitated payments, where payments are make directly between bank accounts, will dominate over payments made conventionally using a bank issued debit or credit card.