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EBAday 2024: The keys to successful digitalisation

Financial institutions need to transform their entire business and operating model to achieve bespoke and modular digital solutions while improving their profitability.

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EBAday 2024: The keys to successful digitalisation

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Open banking and embedded finance are being used to drive digital transformation and banking solutions for payments providers, facilitating easy and efficient payments for consumers. Financial institutions are championing embedded finance, using open APIs to boost financial products.

The embedded finance market is expected to be worth $22 billion by 2028 and grow 148% in the next five years.

Embedding finance capabilities allow financial organisations to develop new revenue streams and offer merchants fast access to capital. E-commerce is revolutionised through open banking and embedded finance.

EU legislation such as PSD2 aim to provide more efficient and personlised financial offerings on open banking products within the EU. The European Payment Council’s (EPC) SEPA Payment Account Access (SPAA) scheme outlines standards for transactions and the exchange of payments, set to drive open payments in the EU. The scheme will build on what was outlined by PSD2 and layout a foundation for open banking in the future.

Last year, the EPC published business conditions for the scheme, which was a major step in the journey towards open banking in the EU.

Open banking and embedded finance are a key theme at the 2024 EBAday conference from 18-19 June in Lisbon, where multiple sessions across the two-day event will be highlighting new developments in the space.

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