InnoTWOnity’s Post

🌍 🕸️ 📊 𝐓𝐡𝐞 𝐫𝐢𝐬𝐞 𝐨𝐟 𝐎𝐩𝐞𝐧 𝐄𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦𝐬 𝐭𝐨 𝐮𝐧𝐥𝐨𝐜𝐤 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐟𝐫𝐨𝐧𝐭𝐢𝐞𝐫𝐬 𝐢𝐧 𝐜𝐨𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐰𝐢𝐭𝐡 InnoTWOnity 📊 🕸️ 🌍 For open collaboration to be enabled, the financial services industry transforms into a world where parties seamlessly share data, transcending mere transactions. ✨ #𝐎𝐩𝐞𝐧𝐁𝐚𝐧𝐤𝐢𝐧𝐠 encompasses payment initiation and account information services to allow third parties to access personal data through standardized interfaces given the explicit consent of customers. One goal is to foster innovation and enhance market dynamics for the benefit of stakeholders by developing new products. These services operate under the European authorization and registration rules outlined in the 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐃𝐢𝐫𝐞𝐜𝐭𝐢𝐯𝐞 (#𝐏𝐒𝐃). ✨ #𝐎𝐩𝐞𝐧𝐅𝐢𝐧𝐚𝐧𝐜𝐞 extends beyond payments and encompasses third-party access to a broader range of data. It aims to enhance integration, support sustainable investments, offer tailored insurance policies and drive innovation for consumers, companies as well as regulators. The European Commission drafted a legal framework for 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐃𝐚𝐭𝐚 𝐀𝐜𝐜𝐞𝐬𝐬 (#𝐅𝐈𝐃𝐀) to create a secure space within the European Union. As companies move toward a data-driven future, striking the right balance between innovation and security remains paramount. An initiative in Germany for #OpenInsurance is FRIDA - Free Insurance Data Initiative, which enables new market players to enter the financial ecosystem. Coopetition fosters improved products and enhances customer experience. Dietmar Schmidt InnoTWOnity is the right partner to collaborate with financial services companies and technology providers to pave the way for a secure, customer-centric ecosystem and foster product innovation. For more information about InnoTWOnity, please take a look at the website: www.innotwonity.com #Transformation #Innovation #DataAccess #CustomerExperience #API #RegulatoryFramework #DataSecurity #Coopetition #Payments #Insurance Photo credit: Playground AI