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cially become the most important form factor in payments and allow for payments as SEPA (Single Euro
a more contextual experience, leveraging location or biometrics in a way Payments Area) gains traction
that can't be done via the web. They will also provide an even greater and enables the instant credit
opportunity for payment apps and fintechs to embrace open banking real-time push payment capa-
standards. bility and mobile use cases like
4. Real-time payments will gain commercial traction in the U.S. As P2P.
the technologies that underpin open banking—including both data shar- 7. These advances will foster
ing and payment initiation—gain wider adoption, the first widely avail- win-win relationships. In or-
able real-time payments products will enter the U.S. market, generating der for open banking to really
momentum and new use cases and further protecting consumers and take off, banks —and especially
merchants. legacy players—need to see a
5. The first hybrid fiat-crypto bank accounts will become available. strong business case to change
2022 will be the year that digital currencies gain more traction with main- business as usual. With new
stream consumers. We'll see the first hybrid fiat-crypto bank accounts in developments in open bank-
the market, opening new possibilities for payments across legacy and ing, incumbents and fintech
digital currencies. partners can work together to
unlock new segments, markets
6. We'll see a whole slew of developments in open banking around and products that open bank-
the world. The U.K. and Australia will launch recurring push payments ing enables, for example, by
with a single authorization. Open banking will enable the first friction- offering bank-branded BNPL
less and secure on-file experiences for real-time push payments. This products to account holders.
will be a global first that unlocks bank payments for merchants with
large member bases that transact frequently but with varying amounts The bottom line
and timing. There's a persistent chicken-and-egg
In Europe, SEPA will enable more real-time push payments.This year problem in the banking and payments
will bring an increase in open banking services and account-to-account space: innovations take hold when
they benefit consumers, merchants,
banks and all the intermediaries in
between. Educating all stakeholders
in the ecosystem is vital. We've
started to see grass shoots in 2021,
but 2022 will really be the year open
banking puts down its roots in the
United States.

Vanni Parmeggiani is the global director of
open banking and real-time payments at
GoCardless, https://gocardless.com/en-us,
a global leader in account-to-account pay-
ments, making it easy to collect both recurring
and one-off payments directly from custom-
ers' bank accounts. He is a strategy and busi-
ness development professional with over 15
years of fintech experience. He has deep sub-
ject matter and industry expertise in all things
payments and a proven track record of driv-
ing growth through strategic plans, product
roadmaps and lighthouse partnerships. Before
joining GoCardless, Vanni led the payments
strategy team for eBay as part of a global
initiative that delivered over $2 billion in incre-
mental revenue. Prior roles include strategy at
Worldpay and Oliver Wyman, where he was
a principal in the Payments practice. Connect
with him via LinkedIn at www.linkedin.com/
in/vanniparmeggiani.

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