HKMA launches consultation on open API framework
Open API enables personalised services for bank users but requires access to customer data
The Hong Kong Monetary Authority has proposed a framework for open application programming interfaces (APIs), which would allow third parties to access bank systems and data to improve consumers’ experience.
In the consultation paper published on January 11, the HKMA invites comments from the industry on the approach to creating an open API framework, including the API functions, deployment timeframe and technical standards.
APIs allow different applications to talk to each other and exchange
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