What is open banking and why does it matter to your business?

The UK banking sector may be one step ahead of the US industry, launching technologies such as Chip and PIN before our Atlantic counterparts, but it’s still a whole lot less open than our European friends. That could be about to switch though, with open banking regulations coming into force in 2018.

Open banking refers to new rules that give financial providers, such as banks, secure access to your information via APIs (application programming interfaces) that import the data they hold into third party apps and services.

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