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Majority unaware of Open Banking benefits

More than half (54 per cent) of UK businesses are unaware of the potential benefits of Open Banking, according to a new survey, which also revealed that just 17 per cent consider themselves to be completely prepared for the move to the new model.

An Ipsos Mori survey of 400 financial decision-makers in UK businesses, for payments processor Bottomline Technologies, found that many are struggling to keep up with the pace of new regulations, with concerns raised around Open Banking (54 per cent), New Payments Architecture (51 per cent) and the ISO20022 regulation (52 per cent).

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