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Navigating Financial APIs: Security and Interoperability
This chapter compares tax collection systems in the UK and US while focusing on the significance of Financial-grade API (FAPI) standards in enhancing security and interoperability within open banking. It discusses the evolution and complexities surrounding OAuth implementations, emphasizing the need for consensus on best practices and the challenges of unifying banking systems under regulatory frameworks. The chapter also explores the impact of FAPI across sectors like open banking and open insurance, highlighting its role in facilitating secure information exchange and improving user experiences.