Open banking, which was applied in the U.K ., involves sharing customers’ financial information electronically and securely, but only under conditions that customers approve.
Open banking forces lenders to give a digital “fire hose” of data that any third party can use to get standardised access — furnished the startup is registered with the UK Financial Conduct Authority( FCA) and “the consumers ” agreed to accept share their data.
This system has already taken root in the U.K ., but it could soon spread to the rest of the world. That’s why Business Insider Intelligence has put together a report called Open Banking 101: How Financial Universities Can Take Advantage of a Global Movement to Collaborate with Collaborator and Developers.See the rest of the tale at Business Insider
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