According to McKinsey & Co., “Open Banking can be defined as a collaborative model in which banking data is shared through APIs between two or more unaffiliated parties to deliver enhanced capabilities to the marketplace.” It sounds easy enough, particularly since the UK’s Open Banking Working Group (founded in 2015) established a framework for data sharing, security, and consumer protection in the modern era. The resulting Open Banking Standard establishes how banking data will be shared through secure open application programming interfaces (APIs), allowing consumers and business customers to more effectively manage their wealth.
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Forbes Article: Ecosystems Will Drive Innovation In 2020
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Happy Holidays from Cloud Elements!
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The State of Open Banking Webinar 2019
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The State of Open Banking 2019 | Webinar Slides
QuickBooks™ Online Migrating to OAuth2
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EPI-USE, Cloud Elements Join Forces to Drive Down Application Integration Costs, Scale Digital Ecosystems