Open Banking services are the use of APIs to enable third-party developers to build applications and services around a financial institution. The gist of the idea is to deliver greater financial transparency options for account holders ranging from open data to private data.
With the partnership, APIs and services are protected with fine-grained progressive consent and pre-built Open Banking consent flows, providing pre-configured dynamic access control policies that meet the specific needs of open banking standards around the world. Those standards include the European Union Payment Services Directive, U.K. Open Banking, Australia’s Consumer Data Standards and the Financial Data Exchange.
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