By FintechNews staff
-Research from Q3 of 2021 revealed that 21 new TPPs were approved to provide services across the EU and UK between 1st July and 30th September, bringing the total to 518. However, this number doesn’t include the seven TPPs whose licence was withdrawn: three in the Netherlands and four in the UK.
-Open banking transaction volumes are rising across the EEA, with around 30% of these transactions now taking place across borders.
-To keep abreast of the ever-changing web of regulations and minimize exposure to open banking fraud, banks and other financial institutions need a reliable way of assessing data sources from around the EEA and UK.
-This is where Regtech companies must step in. Innovators in this space can identify and verify TPPs in real-time, therefore allowing financial service providers to have total trust in the third parties they deal with.