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Q2 2022 Konsentus Third Party Provider Open Banking Tracker

The Konsentus Q2 2022 Open Banking TPP tracker sees the total number of fintech third party providers (TPPs) in the EEA now stand at 338, marking a much faster rise than the last few quarters.

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The total number of fintech third party providers (TPPs) in the EEA now stands at 338, marking a much faster rise than the last few quarters. The recent explosive growth is testament to increasing user demand and the maturity of many EEA markets. The UK, with a net increase of 2 TPPs has not experienced the same level of growth as the EEA and now has a total of 221 TPPs, taking the overall total to 559. 

Fintechs are increasingly capitalising on the ability to use passporting permissions to extend their service offerings cross-border. With more TPPs now having the regulatory approval to operate in multiple markets, the average number of total TPPs in any given EEA market is now 113, an increase of 10 from the end of Q1 2022. 

Once again, consolidation and change are common themes this quarter. With the rate of TPPs having their PSD2 permissions removed doubling year on year, the ecosystem has clearly moved on from its embryonic beginnings in 2019. It’s therefore critical for financial institutions to check a TPPs identity and regulatory permissions before granting account access.

Q2 Highlights

  • Sweden has the highest number of Home TPPs for the second quarter running, despite one TPP losing its PSD2 permissions.
  • Spain continues to have the highest number of passported-in TPPs but ranks outside the top 10 for Home regulated TPPs.
  • Over the course of Q2, 23 EEA countries gained or lost Home regulated TPPs demonstrating continued market maturity .
  • 9 TPPs from 9 EEA countries had their PSD2 permissions removed (Austria, Belgium, Cyprus, France, Germany, Liechtenstein, Lithuania, Slovakia and Sweden).
  • There are still 2 countries with no Home regulated TPPs – Liechtenstein and Portugal – but account holders in these markets can still benefit from the services provided by the passported-in TPPs.
  • There was a net increase of 3 TPPs in 5 countries (Denmark, Ireland, Malta,* the Netherlands and Poland).

The Rise in Passported TPPs

TPP Tracker Country Breakdown

*We recorded an increase of 3 TPPs in Malta at the end of Q2 due to changes in our data collection methodology.

Key Changes

Total number of TPPs

Top 10 Countries With the Most TPPs EEA: Home & Passported TPPs; UK: Home & TPR TPPs

Last quarter, 50% of EEA countries had over 100 TPPs authorised to provide open banking services. This quarter, that figure has increased to 77% demonstrating the continued interest in passporting. Payment Initiation also continues to be on the rise. Of the TPPs newly regulated, 71% of them provide PIS, well above the overall 63% average.

There has been a real shift in pace this quarter. 31 TPPs have gained regulatory approval in the EEA alone with another 9 TPPs losing their permissions. This shows how important it is to check a TPP’s regulatory status in real-time. What may be true one day may very well not be true the next! With the market maturing, TPPs are taking their open banking services into new markets to expand their customer base. Austria for example gained 15 new passported TPPs over the quarter – that’s an increase of 15% in three months. With the Home NCAs holding the latest information on a TPP’s passporting permissions, it’s really important to check the National Registers on an automated basis to ensure the right access is given at the time of a transaction request. Our role at Konsentus is to provide our customers with the latest available information to make sure they make informed risk management decisions at the time of an account access request.”

Mike Woods, CEO Konsentus

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