Data & Open Banking
Open Banking means different things to different people around the world. For financial institutions it presents an opportunity to provide additional services to their customers, enhance the customer experience, and streamline operational efficiencies. For the customer it offers a level of transparency and visibility of their financial data across institutions. Beyond data sharing, regulation and compliance, Open Banking offers many benefits. Below we provide some thoughts and insights on what we view as important factors to Open Banking success.
Imagine if all financial data could be moved around like trains with pre-defined carriage content on a standard gauge.
With financial transactions forming the backbone of so much of our commercially driven world and ever increasing in volume, it seems now is the time to address making them as efficient as possible.
Open Banking has been introduced in many countries around the world with varying regulatory controls..
The Open Banking deadline is nearing for Data Holders, the major banks have already complied with product reference data, whereas non major ADIs...