US Open Banking 2024

US Open Banking 2024

CCG Catalyst’s research report on Open Banking 2024 is an update to our previous Open Banking Report
“US Open Banking: Defining the Concept and Capitalizing on the Opportunity”.

With the long-awaited release of the Consumer Financial Protection Bureau’s proposed open banking rule, the US is one step closer to requiring that financial institutions securely share certain financial data with third parties at their customers’ request.

This report looks at how we got here, the rule’s implications, practical considerations, and what to do next.

Key Findings of the Research

  • The proposed rule is poised to enforce open banking for checking, savings, and credit card accounts, prepaid cards, and digital wallets.

  • It creates compliance challenges for financial institutions.

  • Richer experiences driven by open banking are on the horizon.

  • Complete, up-to-date cash flow data could make holistic insights a reality.

  • Other use cases could include fraud mitigation and risk assessment for account-to-account payments.

  • Open finance — securely sharing data from beyond banking — may be coming.

  • Fintechs can celebrate the progress in their favor.

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US Banking 2024 Report

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