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U.S. Consumers Are Ready for Open Banking, According to New Report


NEW YORK—A new report suggests U.S. consumers are ready to move to open banking, a trend already well underway in other parts of the world.

“The financial landscape in North America is primed for a meaningful reshaping. New technologies enabling secure data exchange, interoperability, and faster payments are all contributing to the emergence of a more streamlined, efficient financial ecosystem,” Ripple said, citing data from its latest study. 

Open Banking

According to the Ripple analysis, increased consumer demand is driving a surge in open banking adoption, with 71% of U.S. consumers saying they’d rather make purchases or pay bills directly from their bank account.

‘Not All Blue Skies’

“This shift has big names like Coinbase and Mastercard jumping on board, but it’s not all blue skies,” Ripple stated. “Patchwork regulatory frameworks and educational initiatives may be hindering widespread adoption. Only 34% of U.S. consumers using open banking technology are aware of it, and open banking regimes are delayed across the region.

“At the same time, the launch of FedNow—the United States Federal Reserve’s instant payment service—and the ISO 20022 messaging standard are helping modernized payment systems and financial services to gain traction,” the report continued.

FedNow a Driver

The report notes several industry observers and participants are predicting FedNow will drive a greater rollout of instant payment offerings. These will be enabled by ISO 20022 and its ability to facilitate more detailed payment communications, straight-through processing, and greater processing accuracy, Ripple added. 

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