Over the last few years, the payments landscape has massively changed. The use of advanced technologies by traditional and new financial services providers, including fintech, Big Tech and challenger banks, have increased the level of competition and the overall degree of innovation. In the open finance scenario, public administration, corporate and retail customers are enabled to choose among a variety of products, that go beyond traditional banking functionalities.
The goal of the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) Finance and Payment Domain is to investigate the economic paradigms of open banking and open finance in order to understand how they can facilitate trade worldwide.
Far from being a comprehensive analysis of the complex and innovative open finance landscape, this document aims to pave the way for further studies on this topic, to be carried out by UN/CEFACT and
other international organizations.