Financial authorities globally are promoting open banking. While it represents a shift in the mindset of traditional banks, Heather McKenzie, editor of Daily News at Sibos, finds they may be up to the challenge.
In September, Australia’s Macquarie Bank launched a pilot of an open banking platform for customers to transfer data to approved third-party applications. Any third-party provider that meets the bank’s open platform standards and security criteria can connect. In launching the pilot, Macquarie attracted plenty of attention as it was seen to be stealing a march on Australia’s “big four” banks.
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