Regulators and firms confront problems of ‘open banking’
Basel Committee report says challenging trade-off exists between privacy, security and efficiency
New ways of sharing financial data – often known as “open banking” – are helping to create new choice for consumers, but they are also throwing up challenges for firms and regulators.
The Basel Committee on Banking Supervision (BCBS) defines open banking as the “sharing and leveraging of customer-permissioned data by banks with third-party developers and firms to build applications and services”.
Firms authorised to provide online services under the “open banking” initiatives are called third
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