BANKING
A COMPREHENSIVE GUIDE TO OPEN BANKING: TECHNOLOGY AND BEYOND An in-depth analysis of WRITTEN BY: DERIN CAG
open banking from a fintech perspective, including expert insights, along with the benefits and drawbacks of the technology
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pen banking is one of the most significant changes to the financial services sector in a generation. But what does it actually mean? And how can businesses make sure they are ready for it? This feature article will answer those questions and more. We'll start by sharing the definition of open banking and then explore what fintechs can do to prepare for it. What is open banking? Open banking is a regulation-driven initiative that requires banks to open their APIs (Application Programming Interfaces) to third-party providers. "At a simple level, it means enabling APIs to share your financial data with the third parties you want to share it with, in a compliant and standardised way," said Herpreet Oberoi, Vice President of Customer Success at Infostretch. "Open banking is smart public policy. It has contributed to the UK becoming a leader in bank innovation and successful fintech innovation," added Bill Verhelle, founder and CEO of QuickFi. This technology allows those providers – including fintechs, aggregators and others – to build products and services that interact with bank customers' data. fintechmagazine.com
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