The Importance of Open Banking: A Simple Guide
Since the last decade, we have witnessed a massive transformation where business markets and finance are concerned.
Thanks to ever-evolving technologies, the global banking industry has reached the epoch of open transparency with regulatory administrations taking the fundamental steps in order to establish accurate customer protection for all business activities maintained under the name of the banks. Thus, at the heart of online apps and mobile banking lies ‘open banking’.
So, What is Open Banking?
If the term ‘open banking’ seems new to you or if you’re not very familiar with what it really means, open banking refers to the standard banking practice that requires largely funded banks to give access to their data information and share their customer data with third parties using Application Programming Interfaces (APIs).
While open banking fosters innovation and widens the scope for new competitions in finance, it allows the network of accounts and data across many institutions for use by financial enterprises, customers including third-party service providers.
The Three Types of API Models
The use of networked accounts for data sharing is accomplished through APIs which is an intelligent channel that charters the overall flow of data between every other system in a streamlined manner by means of enhancing financial services deliveries to both- business and retail consumers. The most common types include:
- Public
Access to open APIs which also classify as ‘public APIs’, are available with minimal restrictions to external partners and developers or app builders who constantly innovate their products and apps. To enter or access data and receive services, they require registration along with the use of an API key.
- Partner
To tighten business integrations between suppliers, sellers and providers, the ‘partner APIs’ are available which are controlled through a third-party API gateway.
- Internal
Lastly, ‘internal APIs’ are hidden from external users. They are used within a single company in order to share resources among internal team members and monopolise each other’s tools, data and programs evenly. The key takeaways of using internal APIs benefits over security and access control as well as a standard interface for connecting multiple services at the same time.
Why Should You Use Open Banking?
There is no doubt that the open banking API Platform is empowering fintech and corporates to modernise their services for the contemporary world. By providing highly integrated third party secured financial products, nothing is lost. After all, these products deliver better outcomes in terms of profitability and as a personalised customer service that revolutionise business banking the world over.
Improved Customer Services
With the conveniences of online mobile banking customers can avail to more flexible services and the best features to meet their demands. In addition, since the infrastructure is based on real-time capabilities, there are instances where banks can enhance cash flow visibility, sensitive cash positions across a wide range of currencies and avoid unnecessary fines and fees during the process.
Enhanced Control
Keeping a single tableau of your financial interactions whilst being able to monitor, control, track, and analyse …
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