As 2025 comes to an end, we wanted to reflect on the year. This was the year when open banking became a powerful force transforming our financial landscape, making payments faster, safer, and above all, more convenient. Let’s look back at the key milestones of this year.

The year began with an incredible acceleration in open banking adoption, especially across mature markets, and we were at the forefront of this shift.

In March 2025, the number of active users in the UK reached 13.3 million. As reported, the number of users reached over 15 million by July 2025, representing nearly one-third of the adult population in the UK. In March alone, 31 million open banking payments were made, a 70% increase compared to the previous year. This made it clear that A2A payments are becoming a strong and fast-growing alternative to card schemes.

SSV SmartPay was part of this turning point. By enabling instant, secure payments, businesses could cut transaction costs by up to 70% compared with traditional card methods, making payments faster, safer, and more cost-efficient. One of the use cases we presented demonstrated that SMEs were able to reduce their processing expenses and gain immediate access to their funds, strengthening day-to-day liquidity. With A2A payments, instant settlements solved the delays that previously held up cash flow for businesses.

Globally, there is growing demand for automated, digital money management and enhanced data transparency, enabling faster, more informed financial decisions.

Mid-year, banks and fintech companies across Europe began actively experimenting with premium APIs. The focus moved toward commercialisation and expanded functionality. This industry shift has pushed payment providers to deliver more than just transactions – businesses now expect full visibility, smarter tools, and better control.

At SSV SmartPay, we’re actively supporting this transformation. In response to growing demand for transparency and real-time visibility, we introduced our Business Dashboard, providing full transaction tracking by employee, real-time insights, and clear reporting that simplifies audits, accounting, and multi-location operations.

VRP Breakthrough: One of the most significant developments this year was the progress made in Commercial Variable Recurring Payments (cVRP). Unlike standard VRP, which is currently limited to sweeping use cases, cVRP enables businesses to accept recurring payments directly from customer bank accounts – without cards, mandates, or manual approvals.

In November, the UK reached a major milestone: The first live commercial VRP transaction was successfully tested, marking the beginning of what could become the next generation of recurring payments across the country.

This breakthrough opens the door for:

• Faster, more secure recurring payments – monthly SaaS subscriptions, gym memberships, or streaming services paid directly from a bank account without card details or expiry issues.
• Lower fees compared to cards – businesses can replace card-based recurring payments and reduce fees on thousands of monthly collections
• Greater control and transparency for users – users can see, manage, pause, or cancel authorised payments directly inside their banking app instead of contacting support teams.
• New opportunities for fintechs, merchants, and payment platforms –  marketplaces, neobanks, and payment platforms can embed recurring Pay-by-Bank flows for subscriptions, invoicing, or usage-based billing.

The industry now anticipates broader rollout of cVRP in 2026, setting the stage for a more competitive and innovation-driven payments landscape.

AI Adoption: There was a massive breakthrough in personalised financial management (PFM), powered by open banking data and AI.  Instead of basic spending summaries, banks began offering predictive insights, such as forecasting cash flow, flagging upcoming shortfalls, and suggesting smarter budgeting decisions based on real transaction data.

Europe finalised the regulatory framework for PSD3 (or its equivalent), focused on standardising premium APIs and introducing new fraud-prevention mechanisms.

At the same time, Brazil strengthened its position as the world leader in Open Finance, showcasing record-breaking API volumes far exceeding those of other markets. Latin America demonstrated how regulatory initiatives can rapidly scale into a wide ecosystem that promotes competition and financial inclusion.

In the United States, the Consumer Financial Protection Bureau (CFPB) published the final rules for implementing Section 1033, establishing standards for data sharing and responsibility of market participants. This unified previously fragmented private initiatives and marked a major shift for the U.S. market.

The end of the year was dedicated to preparing for the next evolutionary stage – Smart Data and Open Finance.

Early in the year, the UK passed the Data Use and Access Act, and by autumn regulators had begun drafting secondary legislation.

The FCA announced new TechSprints focused on leveraging Smart Data to improve SME access to financing and optimise the mortgage process.

Consultations also continued regarding the formation of the Future Entity – the organisation that will replace the current governance model and become the main body responsible for API standards, ensuring open banking becomes fully commercially sustainable.

Why SSV SmartPay?

2025 proved that open banking has entered a stage of maturity and large-scale adoption. We are proud to have played a role in this journey.

SSV SmartPay was created to make financial operations as cost-effective, fast, and transparent as possible for businesses.

Our key advantages, which make us the preferred choice:

• Transparent, low fees: 0.5% fee for payments over £50, or a flat £0.20 for payments under £50. No hidden costs. No monthly contracts.
• Instant Settlement: Funds are credited to your account instantly, eliminating liquidity delays and cash-flow gaps.
• Flexibility: Our solutions work alongside your existing systems (terminals, invoices, booking platforms), allowing you to start saving immediately without disruptions.
• Seamless Web Integrations: WooCommerce, Wix and upcoming integrations.
• Security & Fraud Prevention: Bank-to-bank payments with no card data stored. Eliminated chargeback risk, fraud, and payment disputes.
• Accelerated Payment Collection: Faster settlement compared to cards and Direct Debit, helping businesses get paid sooner.
• Reliable Support: We offer proactive support and a dedicated account manager who understands your business.

SSV SmartPay is not just a payment service. It is a strategic tool for accelerating your business growth in the new era of Open Finance.Beyond fast and secure Pay-by-Bank payments, we enable real operational efficiency. Our platform interacts seamlessly with leading accounting tools and sales platforms, helping businesses automate reconciliation, streamline reporting, and unify payment data across multiple systems.