Open Banking represents a growth driver for the fintech sector, with it enabling financial institutions and technology firms to mitigate issues, including global warming, CO2 emissions, and water pollution. Many businesses have integrated Open Banking into their operations to develop services that improve and protect the environment, with the travel and ecommerce industries being at the forefront of innovation. For example, ecommerce companies can minimise waste and overconsumption by leveraging Open Banking data to forecast consumer demand, which ensures that only the required amounts are produced and distributed. When it comes to fintech firms, Open Banking allows them to provide digital tools and services that can be useful both for companies and individuals to assess and reduce their carbon impact. Salt Edge mentions that it is currently making efforts in this regard by providing Open Banking solutions or partnering with companies that raise awareness about environmental impact. Moreover, the fintech underlined its commitment to forming an ecosystem of partnerships to support banks in offering improved digital experiences, increasing efficiency, and conserving the planet’s resources.
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