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Open banking API security: Best practices to ensure a safe journey

October 20, 2022

More than 9 in 10 financial sectors accept that open banking is vital to their organization. The demand for fast, hassle-free, and personalized banking and financial services among customers is driving the rapid adoption of open banking. However, nearly 50% of banking customers fear the security of open banking.

For open banking to function, APIs are critical as they help create connectivity between different stakeholders for the transfer of financial data. Banks and financial institutions give third-party service providers/ fintech companies access to customers’ personal and financial data to develop innovative services and products.

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