Open Banking and The Protection of Data

Customer data and its protection have never been under greater scrutiny than they are now. Wide-ranging regulation enshrines data rights in law and governs how businesses must guard the information they gather. When you combine this with protections around money, you are presented with an issue of vital importance.

While there are always legitimate concerns surrounding the risks to providing access to accounts and data, it is important to acknowledge that security has always been at the heart of the open banking framework. Open banking was created in order to address security concerns by developing a standard that enables people to access payment data in a structured and secure way.

Despite this, many businesses still have significant fears about the safety of data within the open banking framework. This whitepaper breaks down the concern with open banking and focuses in on how open banking does protect data.

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