Open Banking Advent Calendar 2024

🎄Welcome to the 2024 Open Banking Advent Calendar 🎄

Our Open Banking Advent Calendar continues, and today’s spotlight is on Fadi Pola, a key member of the Enable Banking team. Fadi shares his prediction on how the ecommerce industry will evolve with the introduction of the EU Instant Payments Regulation, set to take effect in January. This landmark regulation promises faster, safer cross-border payments, creating significant opportunities for merchants and the broader economy.

Fadi highlights how ecommerce companies are leveraging open banking APIs for IBAN verification, a crucial step to ensure bank account ownership before releasing funds. Traditionally managed through KYC solutions, this innovative approach simplifies the process and provides better accuracy. With open banking APIs maturing across Europe, especially in regions like the Nordics and Baltics, ecommerce businesses are poised to reap the benefits of these advancements.

Looking ahead, Fadi predicts a surge of interest from ecommerce giants in acquiring their own Payment Initiation Service Provider (PISP) licenses. This development, supported by robust API ecosystems, will enable businesses to process payments efficiently and securely while shaping the future of digital commerce. Stay tuned for tomorrow’s Advent Calendar entry as we continue to celebrate open banking innovation!