Ozone API’s Post

I've been asked several times why we need an #openbanking rule. Here's my most basic answer, in an op-ed published by Payments Dive: The market-led approach to open banking in the US has led to a vibrant wave of innovation driven by sharing of consumer-permissioned data. However, access remains inconsistent, and consumers are potentially exposed in the event data is breached. More reliable access and enhanced consumer protection will strengthen "open banking" as a foundation for innovation in the US. As I write: "Realizing open banking’s enormous potential will require thoughtful, well-informed policymaking that keeps up with technological change, fosters innovation, and protects and enhances consumer financial services." https://lnkd.in/gNGFFqnX

Open banking can add tangible, long-lasting value for community banks if done correctly. Great information here to get you on the right path. #communitybanking #communitybanks

https://lnkd.in/gSrFmiPR For those still trying to figure out what open banking is all about, here is a real simple read that provides an insight into the purpose and benefits of open banking.

'Is open banking safe? Understanding the security of open banking.' Some of you may be new to #openbanking especially those in the #gambling industry or #eCommerce. You may also have a ton of questions about safety and security. This blog post answers them all. https://lnkd.in/eJ9t3i3N

💳 Curious about Open Banking? Dive into the pros and cons of this revolutionary financial model! Open Banking offers unparalleled access and control over your financial data, promoting innovation and competition in the financial industry. But, like any innovation, it comes with its own set of challenges. In our latest article, we break down the benefits, such as enhanced customer experiences and new financial services, as well as the potential risks, including data security and privacy concerns. Stay informed and understand the full spectrum of Open Banking. Read the full article here👉https://bit.ly/3qTA2Vf #OpenBanking #Fintech #DataSecurity

When it comes to open banking, do you know the facts? Read this article from Shanda Purcell, senior director of open banking at CSI, to explore three common misconceptions that community banks should avoid as they explore how to deploy open APIs within their tech strategies: https://bit.ly/3UjiRHH

There are three huge BaaS myths plaguing the industry and its advancement further into the open banking space, says Shanda Purcell from CSI. "Such misconceptions can be more than misleading — they can be dangerous," Purcell implores. "They can lead institutions with limited tech resources or tech budgets down paths that bring little return on investment, don’t align with overall tech strategy, or don’t add value for their account holders." The first myth: Open Banking is Just for Big Banks. Don't miss her analysis of the trajectory of open banking, and the opportunities hindered by the misconceptions of BaaS in 2024 and beyond.

In our latest blog, Amy Morgan explores the growth of Open Banking and outlines the interventions needed to increase its adoption.🔓 Since its launch in 2018, Open Banking has transformed access to financial services in the UK. Now, 11% of Brits are embracing its benefits for payments. Despite challenges, like awareness and security concerns, Open Banking is gaining momentum. Regulatory support, innovation, and consumer demand are the key to driving its success. Check out the blog at the link below. 👇 #OpenBanking #FinanceInnovation #Transformation https://lnkd.in/eHRR4ce8

Love this brief summary regarding open banking! This article provides quick simple facts to help community bankers. #communitybanking #communitybanks

What's on the horizon for open banking in 2024? 🌟 Here's a sneak peek into what we expect: 
 📈 Surging Growth for Open Banking: Numbers are soaring, but it's more than just statistics. Governments are getting onboard with new developments such as PSD3/PSR/FIDA1, and open banking is becoming a daily conversation. 🔑 Digital Identity: Your digital wallet becomes your personal hub for essential documents, offering efficiency and interoperability. 💰 Cost-Efficiency Focus: Open banking offers hope amid market inflation challenges. Cost-efficient solutions and smarter financial management benefit businesses and consumers. Discover more in our latest blog post: https://lnkd.in/dMaXnNyJ #Neonomics #openbanking #openfinance #payments #paymentsinnovation