Revolutionary Open Banking Use Cases in North America

Table of Contents

North America’s Open Sesame: Use Cases Bloom Open banking has garnered significant attention in recent years. At Whitesight, we’ve dedicated considerable effort to exploring its intricacies and impact on the financial services sector. Whether it’s examining the ‘Os of Open Banking‘ or delving into the recent open banking boom in Saudi Arabia, we’ve gone far and wide. Now, we’re shifting our focus to open banking in North America, i.e. the US and Canada.In North America, open banking has been predominantly fueled by industry initiatives, with financial institutions and tech companies taking the lead in fostering collaboration and innovation. This stands in stark contrast to Europe and Australia, where regulatory mandates play a more prominent role in shaping the open banking landscape.In 2023, North America experienced an upswing in diverse use cases driven by the accelerated adoption of open banking, thanks to ongoing industry collaborations and the regulatory nod for a better open banking framework. Let’s go down the rabbit hole.  Payment Revolution: A2A leads the way! The adoption of open banking-powered account-to-account (A2A) payments (also called pay-by-bank in the US) has stirred up a global storm. A2A payments involve directly transferring funds between accounts, bypassing intermediaries such as cards and […]

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