Open Banking allows financial institutions to achieve a competitive advantage by providing customer-focused financial services with an improved user experience. The potential influence on the market environment and the extent of the opportunity enables financial institutions to explore the Open Banking strategic directive.

Compliance with Open Banking, on the other hand, creates technical obstacles and requires increased security controls to ensure sensitive data is not exploited or shared illegally.

Open Banking introduces possible concerns such as security vulnerabilities in data exchange between third-party providers (TPPs) and banks (ASPSP), or hacked requests made via TPPs that may be subject to third-party fraud perpetrated by malware.

This case study allows readers to consider the potential security difficulties faced by banks in API administration, as well as how Macro Global’s Tavas – Open Banking Product Suite and Solution benefited our clients by providing a comprehensive governance structure and risk-mitigation controls.