Open Banking refers to the use of APIs that enable third party developers to build applications and services around financial institutions. Traditional closed banking is breaking up to give way to open access, transparent service, and most importantly of all, collaboration.
Some applications and sites at present use screen-scratching, which includes you giving them your login subtleties and secret key so they can login to your record and break down your money related data or make installments for your sake.
With Open banking, you're never approached to share your secret phrase or login subtleties with anybody other than your own bank or building society. Safe. Secure. Basic.
How will Open Banking benefit me ?
At first, Open Banking makes it simpler for buyers or customers to think about the subtleties of current records and other banking financial services , just as giving data about ATMs and branches.
When using the Open Banking innovation and standards, in time organizations will be ready to grow new online and mobile applications. These applications would,
possibly, give customers including independent companies the capacity to share their banking data safely with other banks, building social orders and regulated companies.
How can compliance a bank as Open Banking?
The biggest part of Open Banking is share financial services with REST APIs and manage this APIs with some of industry standards security mechanism and build very well defined business.
We are offer the banks using ApiGo product that help your bank compliance Open Banking. You can create a Free Trial account and try ApiGo or Request Demo.