Open Banking APIs under PSD2: How to Mitigate Risk

In recent years, open banking has received a lot of attention in the financial services sector. Open banking means that banks open their systems to authorized third-party financial service providers, so these companies can initiate and process payments and financial transactions at the request of the bank’s customers.

Open banking promises to unlock innovation that will profoundly improve the banking experience and introduce new financial services. For example, Third Party Providers (TPPs) can provide applications that enable consumers to consult multiple bank accounts from a single application, or apps that make it easier for businesses to share data with their accountants.

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