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Q2 2021 Konsentus Third Party Provider Open Banking Tracker

Summary

In Q2 2021, there were 23 third party providers (TPPs) approved to provide open banking services in the EEA and UK. During the same period, there were four TPPs whose licence was withdrawn: Finland (1), Italy (1) and the UK (2). There was also one TPP in the UK whose PSD2 roles have been removed. This means the total number of TPPs at the end of June was 497. This is a growth rate of 4.9% which is just below than the 5.3% growth reported last quarter.

Passporting numbers, despite a sharp drop at the beginning of the year with the UK’s withdrawal from the European Union, are rising again. Every country in the EEA now has at least 47 TPPs approved to provide services. 53% of the 287 TPPs in the EEA are approved to provide services in more than one country.

Q2 Highlights

  • 23 new TPPs approved to provide services across the EEA and UK
  • Countries with over 100 TPPs (Home and Passported or registered under TPR): UK (255) Germany (120), Sweden (113) Netherlands (112) and France (106)
  • Each country has at least 47 TPPs approved to provide open banking services. This was 43 at the end of Q1
  • Poland has again seen the largest increase in the EEA
    this quarter with 3 new Home registered TPPs, taking its total to 20
  • Belgium has seen the largest increase in passporting numbers, with 10 more TPPs approved to provide services into the country, taking the total from 85 to 95 There were 12 countries with newly regulated Home TPPs this quarter. These are: Bulgaria (1), Estonia (1), France (2), Germany (2), Hungary (1), Lithuania (2), Netherlands (2), Poland (3), Romania (1), Slovenia (1), Sweden (2), UK (5)
  • 45 TPPs from the EEA can operate in the UK under the FCA’s Temporary Permissions Regime (TPR)

There is little movement on the percentage breakdown of services the TPPs are being authorised to provide. At the end of June 2021, 53% of all TPPs were registered to provide PISP services, whether that be standalone or in conjunction with AISP services.

When it comes to the types of institutions registering to operate as TPPs, there is again little change from last quarter. Electronic money institutions (EMIs) still make up 14% of all TPPs.

Note: these figures do not include Credit Institutions acting as TPPs.

Forecasts for Q3

TPP Growth

TPP growth over the past two quarters has tracked at approximately 5%. We have therefore revised our forecast for Q3. We anticipate that there will be 531 TPPs by the end of September 2021.

Due to passporting rights, at the end of next quarter all countries should have at least 61 TPPs who can provide services and we estimate that there will be 12 countries with over 100 TPPs (Home + passported). These comprise: Belgium, Denmark, Finland, France, Germany, Italy, Lithuania, the Netherlands, Poland, Spain, Sweden, and the UK.

Monthly API calls (EEA and the UK)

We expect there will be a steady rise in open banking API calls over the next quarter. This is in part due to the increase in TPPs passporting their services into other countries. At the end of June 2021, 53% of all EEA TPPs could operate in more than one country. As an example, despite no new Home regulated TPPs being regulated in Belgium in Q2, an additional 10 TPPs could provide their services into the country under passporting rules.

At the end of September 2021, we expect five countries in the EEA to be experiencing monthly open banking API calls of more than 50m.

In the UK, volumes continue to rise, and we expect these to reach 1.18bn by the end of September 2021.

“What is interesting to see this quarter is the role passporting continues to play. Clearly there is demand for solutions to be provided cross border. We calculated that at the end of June 2021, only 47% of EEA TPPs had no passporting rights. If we consider Belgium, we can see how passporting numbers are on the rise. At the end of March 2021, as well as the 14 Home regulated TPPs, an additional 71 could passport their services into the country. Three months later, this figure had increased by ten, despite no further Home regulated TPPs being approved during the same period.”

Mike Woods, CEO Konsentus

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