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Following the Market
Mr. Open Banking
Open Banking Is Not Quite What You Think It Is
100 million usernames and passwords in North America alone, all providing access to real bank accounts. All floating around out there in the databases of various FinTechs without any clear guidance on risk management or liability. This approach, what Don calls credential sharing, is used the world over. But you may have noticed that even though we've been talking about the development of a standard for banks to share data, the actual term open banking has so far not been mentioned. Here's Don explaining why.
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