The picture of open banking in Bulgaria at the end of October was presented by Galya Dimitrova, Managing Partner of IRIS Solutions, during the Investor Media Group FINANCE FORUM 2023. Here are the key points:
✅ 12,000 active clients of IRIS Solutions
✅ 15,000 linked accounts
✅ 50,000 users of open banking-based services
✅ BGN 1 million worth of payments processed by IRIS Solutions in the last few months.
For comparison, in the UK:
✅ 4.2 million open banking customers
✅ 50% of them are active clients
✅ GBP 10.2 billion in monthly processed payments.
"In Bulgaria, open banking is a reality. Bank interfaces (APIs) are operational. Of course, there is room for improvement, but these numbers speak to the potential that open banking offers to the entire tech sector in our country," said Ms. Dimitrova.
She participated in a panel alongside representatives from Sirma Business Consulting (SirmaBC), Rabbit Solutions , and Mastercard. The moderator was Georgi Penev, the Executive Director of the Bulgarian Fintech Association.
Galya Dimitrova emphasized that members of the IRIS Solutions team have been involved in the preparation of PSD3 and the regulatory framework for open finance in the European Commission.
"In these discussions, we realized that we have a true partner in the face of the Bulgarian National Bank," Galya Dimitrova announced. She also added that:
🔷 A change in the legal framework is needed to enable fintech services to develop to their full potential in Bulgaria.
🔶 Capital support is necessary.
🔷 Governmental support is essential.
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