The Banking Executive Magazine - Issue 150, June 2021

Open Banking Financial institutions across the world are at various stages of their open banking capabilities. Many are still in the early phase of providing access to developer tools and smooth access to APIs, while others have succeeded in developing a sound strategy that sets up their open banking community for the long run. INNOPAY places global banks into four quadrants throughout their open banking journey: • Starters in opening up. • Innovators in functionality. • Leaders in experience. • Masters in openness. Efforts undertaken by banks through- out their open banking journey in- clude: • The development of a comprehen- sive API catalogue that facilitates a wide range of functionalities. • The development of API documen- tation which provides information on the workings and applications of open banking APIs. • The development of a wide open banking community and the en- gagement with them. • The improvement of various links in the open banking value chain. the BANKING EXECUTIVE 14 ISSUE 150 JUNE 2021 Figure 5: The Three Clusters of Banks in open banking adoption (Source: EU Banking Hub)