Open Banking payments transaction values will “exceed $330 billion by 2027”, according to new research.

Figures from the advisory Juniper Research suggest that the development of new use cases, including bill payments via Open Banking, will drive the projected rise, with Open Banking payments forecast at $57 billion in 2023.

Juniper said that market growth would also be dictated by efforts to educate consumers about the security and benefits of Open Banking and help to “alleviate common consumer fears and misconceptions” around the potential misuse of financial data to which third parties are granted access.

“Open Banking must overcome consumers’ security fears surrounding the sharing of financial data if it is to fulfil its strong growth potential,” said research author Jordan Rookes.

He added: “Accordingly, Open Banking vendors must educate consumers, and provide greater transparency surrounding data privacy and security by highlighting the procedures in place to protect financial data to ease security concerns and encourage greater adoption of Open Banking services when marketing their solutions.”

Juniper’s study follows recent research by software company Finastra, which suggested Open Banking was now “universally and unequivocally regarded as a key part of a bank’s landscape”.

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