Transformation to Open Banking – An Adaptive Solution
Our Subject matter experts share their thoughts with the value added perks of getting transformed into Open Banking by overcoming the most predominant challenges with an adaptive solution, empowering banks (#ASPSP) to transform and achieve the Open Banking innovation.
In the evolving Open Banking ecosystem, financial services providers and banks must adapt to an innovative technology that is driven by APIs to best fit the Regulatory Technical Standards (RTS). Open Banking relies extensively on the use of Application Programming Interfaces (API) to securely share customer data among banks, as well as allow third-party developers to access the bank’s technology environment to build innovative applications and services. The Open Banking APIs sways the market players worldwide and Open Banking has reinforced strategic opportunities for banks and new entrants of the emerging business ecosystem.
“Open API is more than a technology or a new way to meet compliance obligations; it represents a new way of doing business that must be embraced with open arms and put to work”.
As the term suggests, Open Banking believes in democratising access to banking data and making it available in real-time to customers so that they can manage their finances better. Open Banking aims at bringing in revolutionary changes in the way we access our bank accounts to efficiently handle our finances. Open banking APIs have the potential to stimulate an increased competition within the financial services market by bringing in more innovation to the quality of the products and services delivered to the customer.
Let’s digitise our thoughts with the value-added perks of getting transformed into open banking by overcoming the most predominant challenges with an adaptive solution, Macro Global’s Tavas – Open Banking Product Suite empowering banks (ASPSP) to transform and achieve the Open Banking innovation.