Central database is ‘cornerstone’ of open banking
Cyber security and financial literacy are key obstacles to data-sharing, experts say
Open banking has the potential to improve competition and efficiency, central banking experts from two emerging markets said today (March 14). They stressed, however, that it requires a proper national data register, and poses serious regulatory and security risks.
An “open banking” system allows customers to share their banking or financial data with third parties, in addition to their bank or financial institution. The bank must facilitate the sharing of such data. The third party will use
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