Is Open Banking referencing safe?

22 Apr 2022 By PAYCEC

Open Banking is completely secure.

It's almost as safe as using the internet to perform your banking.

The Open Banking API endpoints were developed by the banks themselves and have been thoroughly tested by them as well as a number of authorized and regulated third parties

Providers will only be able to access data needed for the service you've signed up for if they're authorized. For example, if you've requested one to look at your current account with one bank, it won't be able to look at a credit card you have with that bank until you give express permission.

Furthermore, all suppliers must adhere to data privacy regulations, notably the GDPR legislation, which took effect in May 2018. Before you sign up, the provider should notify you exactly which data it will use, for how long, and what it will do with it. If you're not sure about something, ask before you give it access, and if something doesn't feel right, don't provide your information.

It is unknown how long it will take for each provider to get approved.

There are also fears that disclosing your data to new organizations will provide more opportunity for fraudsters to deceive you into authorizing a payment for which you will not be reimbursed.

Remember, you don't have to opt in if you don't want to.

Have other questions?

If you need further assistance or answer, please don't hesitate to contact us.

Have other questions?

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We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

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