What will open banking, open finance, and open data bring?
With a load of developments happening around the corner, we often come across these terms- Open Banking, Open Finance, and Open Data. These newly developed words in finance have been described by regulations and practitioners alike as the next catalyst for reinvention in the banking sector and beyond. This process requires financial institutions to create interfaces (such as open Application Programming Interfaces (APIs)) through which trusted third parties (TTPs) can eventually automatically access customers’ bank accounts and access their transaction data as well as initiate payments upon customers’ consent.
