Inspiration From Open Banking APIs
Regulatory standards such as PSD2 and Open Banking have mandated highly-secured and consented access to banks’ data and payment services, with APIs serving as the delivery method.
With open banking now clearly embraced by banks across the globe, it is not surprising to see it expand into other services of the financial industry as well. Similar initiatives to improve digital collaboration have become widespread across a multitude of other verticals in what has been named “Open X”.
From an Open X perspective, an ecosystem strategy is the indispensable premise for continued or enhanced success as it provides the means for large-scale exchange of data with any partner that is expected to add value.
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