The report
See all reports »
Open Banking powered by the Cloud, Democratising Finance at Scale

Open Banking powered by the Cloud, Democratising Finance at Scale

As new business models emerge with recurring revenue in the innovative payments sector, traditional banks are looking to utilise open banking and open finance to assist with their digital transformation.

Consumers need real-time, instant, and faster payment capabilities, and with open banking, PISPs are providing alternative methods of payments with a single API connection. Whether banks are providing alternative payments methods or not, this shift to a digital economy will continue and will result in an attraction to a platform where financial data can be used to offer value-added services to other industries.

By utilising APIs, financial institutions can implement open finance solutions to improve the customer experience and offer customers greater product choice and control over their finances and data. With a cloud provider, customers can build APIs across multiple microservices that interact with third parties quickly and connect with them in a simple way.

Fintech firms have developed open finance solutions that complement cloud-based open API platforms and provide the solutions financial institutions need. With the cloud, financial institutions can scale APIs on demand, pay only for what they consume, and build modern serverless architectures. Building open finance solutions on the cloud requires minimal capex and investing in this technology today will help financial institutions get a step ahead of industry peers.

Download this Finextra impact study, in association with Amazon Web Services (AWS), to learn more.

Get the report

Job Role*
State (if US)
Your interest*

You may unsubscribe from receiving news and offers from Amazon Web Services (AWS) at any time by following the instructions in the communications received. AWS handles your information as described in the AWS Privacy Notice.

* denotes a required field