Open Banking Impact Report: Open Banking Payments Surge
Open Banking Limited (OBL) recently released its latest Open Banking Impact Report.
The report indicates that open banking payments are experiencing significant growth and are becoming more important to retail customers, especially as larger companies and major institutions adopt these options.
The number of open banking payments increased from 25.2 million in 2021 to 68.2 million in 2022. The growth rate every month is approximately 10%. In December 2022 alone, there were 7.7 million open banking payments, and the total number of such payments in 2022 was 68 million. This indicates a growth rate of more than 100% on a year-on-year basis.
Marion King, Chair and Trustee, OBL, said:
“It is encouraging to see a continued and steady increase in the adoption of open banking products and services, particularly by the UK’s small firms which are seeing tangible benefits from real-time business insights offered by open banking data.”
What is Open Banking?
Open Banking revolutionises the finance industry by facilitating secure payments between bank accounts directly, without the intervention of intermediaries like card networks or payment gateways.
This results in faster payments and lower risks of fraud and errors. For more information on Open Banking and common questions, please check out the 'About Open Banking' page on our website.
Safe Capital provides a way for law firms to share bank details with their clients, obtain client bank details, and take payments directly, safely and securely. To find out more contact us today.
About Safe Capital
Safe Capital makes it simple for law firms to request, receive or return client money swiftly, safely and securely.
Share & Receive Bank Details Securely- Obtain verified bank account details for each client at the outset of the matter
- Share your client account bank details securely with your clients only when needed
- Return client money promptly at the end of a matter using the bank details on file
- Complete register of your residual balances, with detailed history of the steps taken to return funds to your clients
- Variety of workflows for contacting clients, depending on the size of the balance and contact information available
- Auto generation of forms and letters, including SRA withdrawal authorisation requests and charity indemnities
- Swift and secure client payments with one consistent payment workflow for your clients
- Clients can pay by open banking, credit/debit card or manual bank transfer
- Keep client account details away from money launderers and protect clients from payment fraud
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