API3 and Open Bank Project team up for decade-long blockchain venture
Developer AP13 has entered into a 10-year development partnership with Open Bank Project to connect more than 400 banking and open banking APIs directly to blockchains. The partnership brings about an historic opportunity to merge open banking data into Web 3.0 in a highly secure and trustless manner via API3’s Airnode, all housed under open-source code.
Open banking is a practice by which banks provide authorised third-party providers with access to banking data through the use of application programming interfaces (APIs). Perhaps the most well-known open banking initiative is the revised Payment Services Directive (PSD2) – an EU regulation passed in 2015 that requires banks to create mechanisms that enable third-party providers to work securely, reliably and rapidly with the bank’s services and data on behalf and with the consent of their customers.
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