To better accommodate the Regulatory Technical Standards (RTS) in the developing Open Banking ecosystem, financial services providers and banks must adapt to an innovative technology-driven by APIs. Open Banking heavily relies on Application Programming Interfaces (API) to securely share customer data among banks and to allow third-party developers to access the bank’s technology environment in order to build novel applications and services.

The Open Banking APIs are influencing market participants all over the world, and Open Banking has reinforced strategic prospects for banks and new entrants to the expanding business ecosystem.

“Open API is more than just a technology or a new means to meet compliance needs; it symbolises a new way of doing business that must be welcomed and implemented.”

As the name implies, Open Banking believes in democratising access to banking data and making it available to customers in real-time so that they can better manage their finances. Open Banking aspires to bring about significant changes in the way we access our bank accounts in order to manage our finances more efficiently. Open banking APIs have the ability to increase competitiveness in the financial services market by introducing greater innovation into the quality of products and services supplied to customers.

Let us digitise our thoughts with the added benefits of becoming open banking by overcoming the most common problems with an adaptable solution, Macro Global’s Tavas – Open Banking Product Suite empowering banks (ASPSP) to transform and achieve Open Banking innovation.