Banks are now in the software business.
bits and bytes.” The bank sort of controls the data, but those bits and bytes must remain accessible at any time when the customer decides to permit any third party to access this financial data.
of Banca Monte dei Paschi di Siena are now allowed to demand from the bank to share their financial data with third parties via APIs.While open banking is obviously an opportunity, banks are still struggling with adapting to this new reality. 3. Let customers initiate payments from accounts they have in other banks from the interfaces managed by your bank.
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