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Applying Open Banking to Open X Across Industries
Regulatory standards such as PSD2 and Open Banking mandate security for banks. This includes consented access to banks’ data and payment services. And APIs serve as the delivery method.
Banks across the globe embrace open banking. So, it is not surprising to see it expand into other services of the financial industry as well. Similar initiatives to improve digital collaboration have actually become widespread across industries.
This is known as “Open X”.
From an Open X perspective, an ecosystem strategy is essential. It provides the means for large-scale exchange of data with any partner that is expected to add value.
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