Thursday, October 29, 2020

(API): Open Banking: Empowering the Consumer for a More Informed Financial Experience
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Nick Thomas
Nick Thomas
Finicity, Nick Thomas, Chief Innovation Officer and Co-Founder

According to Security Boulevard, the industry definition of open banking is the practice of sharing financial data with competitors and third parties via open APIs. But in reality, open banking should go beyond this and be an innovative and secure platform for delivering consumers and businesses a better financial data experience.

By putting consumers in control of their financial data, open banking transforms the way the world experiences money — everything from budgeting, payments, investing and lending, while improving financial literacy and expanding financial inclusion. This ultimately leads to better financial outcomes.

To provide increased insight into how open banking will accelerate innovation in the fintech market, Finicity co-founder Nick Thomas will delve into the core industry principles of financial data and the importance of each of these attributes in product design: control, access, transparency, traceability and security. He will also cover the latest information on regulations around financial data, identity and consumer protections, as well as the latest and greatest within the standards group of the Financial Data Exchange and the Trust over IP Foundation.