Article: Data security: The paramount aspect of open banking

Access, API, Money, Open Decision-Support, Open Governance, Open Infrastructure

Data security: The paramount aspect of open banking

Open banking, a practice that provides third-party financial service providers an open access to consumer banking, transaction, and other financial data from banks and NBFCs through the use of application programming interfaces (APIs), has been rapidly catching up and is said to be the future of financial technology.

While this has several benefits, the innovation is also a high-risk practice as it involves sharing of and trading vast amounts of data. And while financial technology, over the past few years, seen tremendous growth in India, the Covid pandemic has facilitated a huge surge.

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