Is Open Banking good?

22 Apr 2022 By PAYCEC

Yes, it is good. One of the most appealing features of Open Banking APIs is that you can grant third-party access without disclosing your login credentials to anyone other than your bank.

APIs are also more secure than screen scraping because you can see exactly what information is being sent and cancel access more simply. Based on their financial history, credit score, and risk profile, banks and lenders will be able to develop tailored offerings for their consumers. If implemented correctly, this has the potential to greatly improve borrower-lender relationships.

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