Take up from consumers and businesses for open banking will increase in 2024, as the world shifts from traditional finance to FinTech and fast payments. We’re likely to see a trend where large companies—not just banks—start to embed payment solutions using open banking frameworks, which will call on FinTech firms that specialize in APIs to connect firms to the open banking structure. The surge in open banking will also cause increased regulatory scrutiny over security controls, particularly in terms of enhanced customer protection, heightened risk, fraud and money laundering tools.