TechFin Expert Summit 2024: Fintech Trends, Open Banking and White-label PSP

The Ukrainian fintech industry continues to gain momentum. Technological progress and innovative approaches lead to the constant renewal of the market landscape. At the TechFin Expert Summit 2024 conference organized by PaySpace Magazine, niche leaders gathered to discuss the latest trends, overall performance, and future directions. 

Tranzzo presented its view on how fast the white-label solution is developing, its impact on business processes, and why it is more profitable to choose this approach to optimize payment acceptance. 

Yulia Vitryak, Head of Partnership at Tranzzo, spoke about how white-label solutions are becoming increasingly relevant for businesses of any niche. Thanks to many years of experience, we highlighted the features of two options for setting up payments - creating your own PSP product and adapting a White-label solution.

White-label solutions are expected to continue to gain momentum. Development in this area will help ensure the high-quality optimization of many business processes for companies of various sizes. 

At the event's panel discussion, experts and representatives of various companies shared their opinions and predictions for the future of the fintech industry.

The impact of artificial intelligence was one of the main topics of discussion. Experts shared their views on how machine learning is transforming financial services by providing improved data analysis, automation, and increased security. 

However, the main topic of discussion was open banking. For some, it has become an expected direction of development of modern financial technologies, but for others, it is a game-changer that will change most processes.

To understand the scale of open banking's impact and growth, we should pay attention to specific figures and indicators. Juniper Research has published a report that estimates the value of global open banking payment transactions will exceed $330 billion by 2027. For comparison, the value was $57 billion in 2023.

The financial practice of open banking allows banks and financial institutions to open their data and services to other companies via APIs. As a result, the global market will see an increase in innovative financial developments and greater competition. At the same time, consumers will have more control over their financial data through transparency and convenience. 

Yulia Vitryak has her view on the impact of this trend:

“Although open banking has the potential to change the financial landscape significantly, the adaptation and implementation of new technologies will take time. It is important to understand that large payment systems have enough resources and experience to respond effectively to these challenges.”

Events such as the TechFin Expert Summit allow us to see delicate and invisible market trends at first glance. The rapid development of open banking, of course, makes its own adjustments to the global industry. The Tranzzo team drew attention to white-label solutions, showing how quickly and efficiently companies can implement advanced payment technologies, reducing costs and accelerating time to market.