A quasi-governmental entity in the United Kingdom is rolling out a new tool designed to boost fraud protections among open banking partners, offering an interesting lesson in risk management amid digital transformation.
The Open Banking Implementation Entity – a non-profit created by British authorities and overseen by nine of the largest UK banks – was set up in 2016 to standardize and share customer banking information with a wider range of financial institutions, in part through an application programming interface that allows third party financial providers to access the data with permission.
Mirroring electronic health care efforts in the U.S., open banking seeks to give consumers and small businesses ownership over their own data and the ability to share it with other parties. This could, in theory, lead to better deals on loans and other financial products.
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