There are three core principles for Open Banking. This video explores those three principles and talks about the risks and opportunities involved.
The 3 key principles of Open Banking are:
1. Real time sharing of data, including statements and transactional data
2. Real time initiation pf payments, that allows other organisations to initiate payments for you
3. Information of products and services that allows comparison
Open Banking brings opportunities to work with new organisations and provide consumers new and innovative solutions but also creates new compliance and governance questions to ensure that organisations can protect consumers’ privacy and support consumers to get the value out of their data.