Open banking serves as a foundation for fintech innovation, providing a secure, user-friendly payment experience while allowing seamless data sharing between banks and third parties.
The shift towards open banking began with the Payments Services Directive (PSD1) in 2007, which aimed to simplify cross-border payments and spur innovation.
By 2015, the revised PSD2 legislation made open banking viable by requiring banks to provide open APIs and share data with approved third parties.
Services like NatWest Payit™ epitomize the benefits of open banking, enabling near real-time payments and automated transactions for users, enhancing their overall banking experience.
#open-banking #fintech-innovation #user-experience #payments-services-directive #financial-technology
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