The FinTech Impact Report: Working through the world’s to-do list #FinTechforProductivity 02 | PROVISIONING CRITICAL Over 50% of UK SMEs now use Open Banking products 77 INFRASTRUCTURE and services. Beyond individual services, FinTechs have played an instrumental role in laying down the infrastructure for a digital-first financial environment. By offering platforms, APIs, and other foundational tools, Accelerate technology operations with automated runbooks: Cutover they enable traditional banks and other businesses to orchestrates teams and technologies enabling enterprises to successfully standardise and automate their technology operations processes such as cyber digitise their operations. This has led to streamlined and IT disaster recovery, cloud migration, and release management to increase processes, reduced overheads and overall heightened efficiency and reduce risk. productivity. Powering rapid product development for cost-effective innovation: NayaOne provides a single point of access to hundreds of FinTechs, datasets, Digital The UK has seen a number of leading innovations in Sandboxes and FinTech-as-a Service offerings through the Digital Transformation banking infrastructure. These include ClearBank, a brand Platform. Regulated firms are able to discover, build, evaluate and scale with new clearing bank founded in 2015, and the establishment FinTechs in a matter of weeks instead of months. of Open Banking standards. The latter, despite challenges in the scale of adoption, has seen over 330 providers 75 enrolled directly in the Open Banking Directory, multiple FinTechs created to enable the infrastructure (e.g. TrueLayer) and a year-on-year doubling of the number of payments facilitated, surpassing 11.4 million payments in 76 July 2023. 41