Open Banking Systems Market Size, Share & Growth By 2033

Open Banking Systems Market Overview

The Open Banking Systems Market size was valued at USD 18.76 million in 2024 and is expected to reach USD 92.07 million by 2033, growing at a CAGR of 22% from 2025 to 2033.

The open banking systems market is transforming how financial data is accessed, shared, and secured globally. In 2024, more than 60 countries had implemented open banking frameworks, enabling over 500 million users to share banking data securely with third-party providers. The European Union alone saw over 300 licensed third-party providers actively connected to more than 4,000 banks via APIs.

North America added more than 100 million new open banking API calls each month, driven by digital wallets, fintech apps, and embedded finance. In Asia-Pacific, over 200 million retail banking customers used at least one open banking-powered app in 2024. Large banks have rolled out more than 20,000 standardized APIs worldwide to support payments, personal finance management, and instant credit scoring. Open banking now supports more than 60% of all new digital bank accounts opened in the UK, and more than 70% of Europe’s fintech apps rely on open banking rails.

With strong regulatory backing, this ecosystem connects banks, payment processors, app developers, and consumers to create a faster, more transparent digital finance landscape. Data security, customer consent, and standardized protocols remain central pillars, making the open banking systems market a fast-evolving sector with deep impact on retail banking, SME lending, and digital payments.

Key Findings

DRIVER: The rapid adoption of digital payments and API standardization drove over 500 million people worldwide to use open banking-enabled services in 2024.

COUNTRY/REGION: Europe remains the global leader, with more than 4,000 banks offering standardized APIs and over 300 licensed third-party providers.

SEGMENT: Payments and personal finance management top usage, accounting for more than 65% of all open banking API calls globally.

Open Banking Systems Market Trends

Open banking is setting new standards for transparency and financial inclusion worldwide. In 2024, over 500 million consumers used open banking services, with usage expanding by more than 25% compared to 2023. Europe remains the most mature region with the EU’s PSD2 framework enabling more than 4,000 banks to open their APIs to licensed third-party providers. Over 300 providers were registered in the EU, driving innovations in instant payments, robo-advisory, and digital credit checks. North America is accelerating adoption too, with the US reporting more than 100 million API calls each month through major platforms connecting over 10,000 banks and credit unions. Canada advanced its open banking roadmap in 2024, with more than 50 banks piloting open APIs for secure payment initiation and data sharing. Asia-Pacific’s open banking boom is led by countries like Australia, India, and Singapore. Australia’s Consumer Data Right (CDR) framework connected more than 100 banks in 2024, and India’s Account Aggregator network facilitated more than 50 million new consent-based data transfers.

Key trends include a surge in embedded finance. Over 70% of fintech startups in Europe now rely on open banking APIs for services like credit scoring, buy-now-pay-later, and payment authentication. Banks are also shifting from compliance to monetization by offering premium API services — more than 20% of European banks now have dedicated open banking monetization units. Another trend is the expansion of open banking to SME and corporate banking. In 2024, more than 40% of small businesses in the UK accessed accounting and invoicing software linked via open banking feeds. Security and privacy upgrades are top priorities — more than 90% of active open banking platforms added multi-factor authentication and encrypted consent management in 2024 to comply with evolving GDPR-like laws in Europe and North America. As API security standards evolve, more cross-border payment corridors are adopting open banking, with over 500 million transactions routed through open APIs globally last year.

Open Banking Systems Market Dynamics

The open banking systems market is shaped by regulatory frameworks, rapid consumer adoption, fintech innovation, and the continuous evolution of secure API standards. In 2024, over 500 million users participated in open banking ecosystems worldwide, powering more than 5 billion API calls per month. Europe remains the hub, with the EU’s PSD2 standards anchoring more than 4,000 banks and over 300 registered TPPs.

DRIVER

Rising demand for secure digital payments and data-driven financial services

Open banking’s main growth driver is the global shift to secure, data-driven digital finance. Over 60% of all new digital accounts opened in Europe in 2024 were linked to open banking apps. More than 70% of new European fintech startups integrate open banking APIs to deliver instant credit scoring, payment initiation, and personal finance tools.

RESTRAINT

Data privacy and standardization hurdles

Despite growth, data privacy concerns and fragmented standards remain a restraint. In 2024, more than 20% of global banks cited lack of uniform API frameworks as a barrier to seamless third-party integration. Europe’s regulators issued more than 200 compliance advisories on secure consent management to address rising API misuse and credential phishing risks.

OPPORTUNITY

Expansion into corporate banking and cross-border payments

Open banking’s biggest opportunity lies in SME banking and cross-border transactions. In 2024, over 40% of UK small businesses connected accounting software via open banking feeds. Cross-border payment corridors routed more than 500 million API-based transactions last year, a sign that API-powered remittances and trade finance are scaling fast.

CHALLENGE

Cybersecurity threats and fraud risk

A persistent challenge is the rising cybersecurity threat. In 2024, more than 5,000 attempted fraud cases globally involved unauthorized open banking access. Financial institutions invested heavily in multi-factor authentication, with over 90% of new platforms adding biometric logins and encrypted tokens to mitigate fraud risk.

Open Banking Systems Market Segmentation

The open banking systems market is segmented by deployment model and by industry application. Cloud-based deployments dominate with over 70% share, followed by hybrid and on-premises systems. By application, payments and personal finance lead, but new sectors like healthcare, manufacturing, and utilities are tapping open banking for real-time financial data flow.

By Type

Cloud-Based: Over 70% of open banking implementations are cloud-based, leveraging scalable cloud infrastructure to handle billions of API calls securely. In 2024, more than 400 million API transactions per month ran on cloud-based systems, ensuring high availability for banks and fintechs.
On-Premises: On-premises systems cover around 20% of deployments, mostly in large traditional banks. These protect sensitive data with local control while integrating select open APIs for compliance. Over 2,000 banks globally kept part of their open banking stack on-premises in 2024.
Hybrid: Hybrid models combine cloud and local servers to balance security and scalability. Around 10% of banks worldwide used hybrid deployments in 2024, processing about 500 million API calls annually through mixed infrastructures.

By Application

Healthcare: Over 10 million patients globally linked bank accounts to health payment apps via open banking APIs in 2024 for easy billing and insurance claims.
Manufacturing: More than 5,000 manufacturers in Europe and North America integrated open banking for automated invoice processing and supplier payments in 2024.
Telecommunications: About 100 million telecom customers globally used open banking to enable bill payments and top-ups through fintech apps in 2024.
Government: Over 2 million taxpayers in the UK and Australia used open banking integrations for real-time tax payments and benefits disbursement.
Utilities: About 50 million utility customers worldwide linked accounts for seamless bill payments through open banking-enabled platforms in 2024.

Regional Outlook for the Open Banking Systems Market

The regional outlook for the open banking systems market shows rapid growth and strong regulatory frameworks across major geographies. North America remains a leading hub, with the US and Canada processing over 100 million open banking API calls monthly in 2024. More than 10,000 US banks and credit unions are now linked through aggregators, while Canada’s national pilot expanded to include over 50 banks with 2 million new users consenting to share banking data securely.

North America

North America is becoming a major hub for open banking innovation, with the US and Canada recording more than 100 million API calls every month in 2024. The US alone has over 10,000 financial institutions and credit unions connected to open banking aggregators and fintech partners. Canada’s open banking pilot expanded to over 50 banks in 2024, with more than 2 million new users consenting to share banking data for payments and personal finance tools. Banks in North America continue investing in API security upgrades to comply with state and federal data protection laws.

Europe

Europe remains the global pioneer in open banking adoption, with over 4,000 banks connected to licensed third-party providers under the PSD2 framework. More than 300 TPPs operated across the EU in 2024, facilitating more than 2 billion API calls monthly. The UK alone saw 7 million retail banking customers actively using open banking-powered apps, representing more than 60% of new digital accounts opened in 2024. Europe’s regulatory clarity and uniform technical standards continue to attract fintech startups and payment processors.

Asia-Pacific

Asia-Pacific’s open banking ecosystem is expanding rapidly, with Australia, Singapore, India, and South Korea at the forefront. Australia’s Consumer Data Right (CDR) program connected over 100 banks in 2024, enabling more than 20 million secure data transfers monthly. India’s Account Aggregator framework added 50 million new linked accounts this year, providing SMEs and retail customers with real-time financial data for credit decisions. Southeast Asia’s digital wallet market also integrates open banking to handle millions of payments each day.

Middle East & Africa

The Middle East & Africa region is building its open banking ecosystem through new frameworks in the GCC and pilot projects in South Africa and Kenya. Saudi Arabia launched an open banking policy in 2024 that connected over 30 banks and fintechs, with 500,000 retail customers participating in early-stage pilots. The UAE and Bahrain have frameworks in place, pushing over 1 million secure API calls each month for payments and account aggregation. Africa’s mobile money market is also testing open banking rails for seamless wallet-to-bank integrations, with over 2 million transactions in Kenya and Nigeria using API-based flows.

List of Top Open Banking Systems Companies

Plaid (USA)
Tink (Sweden)
Finicity (USA)
Envestnet (USA)
Worldline (France)
Yodlee (USA)
TrueLayer (UK)
Salt Edge (Canada)
Bud (UK)
Bankin’ (France)

Plaid (USA): Plaid remains a top leader with over 12,000 connected banks and credit unions across North America. In 2024, Plaid powered more than 1 billion secure API calls monthly, supporting personal finance apps, digital wallets, and payment services for over 200 million end users.

Tink (Sweden): Tink, a key European player, connects over 3,500 banks in the EU through its robust API network. In 2024, Tink’s platform processed more than 1 billion API calls monthly, supporting over 300 fintechs and payment service providers across 18 European countries.

Investment Analysis and Opportunities

Investment activity in open banking systems remains intense as banks, fintechs, and tech vendors expand secure API ecosystems. In 2024 alone, more than $2 billion equivalent was invested globally in new open banking platforms, compliance tools, and developer frameworks. Plaid, Tink, and TrueLayer all announced major expansions to support surging demand for secure data-sharing infrastructure. In North America, over 500 credit unions partnered with open banking technology providers to upgrade API capabilities and deliver real-time payments and account aggregation. Europe’s fintech startups received over 500 new venture funding deals in 2024, with more than 70% citing open banking integration as a core feature. Banks across the EU added premium API tiers for third-party developers, creating new revenue streams and strategic partnerships. Small banks and credit unions invested in compliance upgrades to align with PSD2’s secure authentication mandates, driving steady spending on API gateways and consent management platforms. Asia-Pacific’s investments focused on scaling national frameworks. Australia’s major banks invested millions in enhancing Consumer Data Right APIs to handle over 20 million secure data transfers monthly. India’s Account Aggregator ecosystem attracted fresh funding for digital lenders and microfinance companies that now rely on API-based data pulls for instant credit checks. Southeast Asian e-wallet companies expanded partnerships with banks to plug in open APIs for cross-border remittances. New opportunities are emerging in corporate banking. In 2024, over 50,000 small businesses in the UK and Europe integrated accounting tools with open banking APIs for real-time cash flow monitoring and instant invoice reconciliation. This B2B use case alone drove an estimated 300 million new API calls last year. Cross-border payments are also opening doors, with API corridors routing more than 500 million transactions in 2024 between Europe, Asia, and North America.

New Product Development

Product innovation remains a cornerstone of the open banking systems market. In 2024, more than 100 new API products and modules were launched globally by banks, fintechs, and third-party providers. Plaid released a new suite of developer tools that increased average API call speeds by 25%, supporting over 200 million end users. Tink launched a premium payment initiation service for instant SEPA transfers in Europe, handling over 500 million payment requests this year alone. TrueLayer introduced smart routing features for open banking payments, improving transaction success rates by 15% compared to legacy payment rails. In North America, Finicity rolled out advanced credit scoring modules that pulled real-time income and transaction data from over 10,000 banks, helping lenders approve more than 5 million instant credit checks in 2024. Salt Edge expanded its compliance suite with new tools for secure customer consent management, used by more than 200 banks and fintechs worldwide. Banks are also launching white-label API platforms for corporate clients. Over 100 European and North American banks now offer premium API bundles for SMEs and enterprise clients, enabling real-time cash flow forecasting, automated reconciliation, and integrated payments. This product wave drove more than 1 billion B2B API calls globally in 2024. New product launches in Asia-Pacific focused on expanding reach to underserved markets. India’s fintech startups launched more than 20 new apps powered by Account Aggregator APIs, helping over 10 million micro-entrepreneurs access working capital. Australia’s banks introduced APIs for real-time insurance claims and health benefit payouts, adding more than 500,000 new open banking transactions monthly. As regulators tighten standards, security remains a key feature, with 90% of new products adding multi-factor authentication and advanced encryption layers.

Five Recent Developments

Plaid launched a new consent management tool, securing over 200 million end-user agreements monthly.
Tink expanded its SEPA payment API to 10 more European markets, adding 100 million new transactions.
TrueLayer integrated with Apple Pay to enable instant funding via open banking APIs for over 5 million users.
Finicity partnered with over 500 North American credit unions to roll out real-time credit scoring modules.
Salt Edge deployed a new fraud monitoring engine that scanned over 1 billion open banking transactions in 2024.

Report Coverage of Open Banking Systems Market

This report covers every layer of the global open banking systems ecosystem, from regulatory frameworks and API technology stacks to consumer adoption trends and security standards. In 2024, over 500 million people worldwide used open banking-enabled services, powering more than 5 billion secure API calls each month. Europe leads with over 4,000 banks and more than 300 licensed third-party providers under the PSD2 framework. The UK alone saw 7 million active open banking users last year, representing more than 60% of all new digital bank accounts opened. North America’s open banking push added more than 100 million new API calls monthly in 2024, with over 10,000 financial institutions connected through major aggregators. Canada’s national pilot connected 50+ banks and credit unions, onboarding 2 million new users. Asia-Pacific’s Account Aggregator and Consumer Data Right frameworks handled more than 70 million consent-based data transfers last year across Australia, India, and Singapore. The report tracks key investment moves such as Plaid’s rollout of developer tools supporting 200 million users, Tink’s expansion to handle 500 million payment requests, and TrueLayer’s smart payment routing upgrades that improved transaction success rates by 15%. It maps security shifts too — in 2024, over 90% of open banking providers deployed multi-factor authentication, encrypted APIs, and fraud monitoring tools scanning billions of transactions. This coverage outlines how open banking fuels embedded finance, digital lending, and SME cash flow management. In 2024, over 40% of UK small businesses linked accounting tools with banking data through open APIs, adding more than 300 million B2B API calls. Cross-border payments saw 500 million API-based transactions routed globally between Asia, Europe, and North America.