We also just elected a documented drug trafficker and very corrupt individual [1] as our next President, so there's that. We are poor and sliding back in every statistic that tracks economic and material wellbeing, and yet keep voting in horrible leaders (blame the Northern part filled with people more concerned about tribalism than their economic wellbeing). But, sure, open banking!<p>1- <a href="https://westafricaweekly.substack.com/p/bola-ahmed-tinubu-from-drug-lord" rel="nofollow">https://westafricaweekly.substack.com/p/bola-ahmed-tinubu-fr...</a>
<a href="https://en.wikipedia.org/wiki/Open_banking" rel="nofollow">https://en.wikipedia.org/wiki/Open_banking</a><p>Open banking is a financial services term within financial technology. It refers to:<p>1. The use of open APIs that enable third-party developers to build applications and services around the financial institution.<p>2. Greater financial transparency options for account holders, ranging from open data to private data.<p>3. The use of open source technology to achieve the above.
PSD2 (Revised Payment Services Directive) is an EU legislation that require every bank to open up APIs to other banks (++), so they can automatically get payment information, transfer money etc<p>To increase competition in the banking sector, without the need for the users to switch bank. It also open up automating a lot of the switching process