Slowly but surely banks around the world are starting to adopt open banking practices. Naturally, the advent of open APIs in which banks would share data with non bank & non government third parties was met with suspicion and in some cases outright resistance. However, it is clear that consumers are warming to the idea and the movement is gathering momentum. However, as global consumers flock to open banking solutions – the issue of disparities between regulation across borders is becoming clearer. According to this piece, research conducted across the US, UK, Singapore, France, Germany, Hong Kong and the UAE indicated that API adoption was maturing and the call for harmonized regulation is growing. The success of open banking and the many services tied to it that make life easier, more convenient and smarter for billions of consumers worldwide hangs in the balance – with an ever more connected world, our ability to make services seamless not only from a use perspective, but also from a geographical one is the key to real success.
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