Open Banking or API Banking - the opening of the traditional banking sector to third-party companies – has become a major topic in finance. It’s not only the new Payment Services Directive (PSD2) of the EU, affecting all banks located in the EU, that leads to an energized, pioneering atmosphere. More and more IT-driven developments result in banks having to deal with the question of how to position themselves in a future market with not only plenty of new business opportunities, but also numerous new competitors on the rise. Open Banking is certainly strongly transforming the financial sector. It challenges the traditional structures and has the potential to revolutionize the entire industry.
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