With the adoption of open banking standards across Europe and APAC, there are some great opportunities for both the industry and those trying to defraud it. Here is one article outlining a good perspective on what we could do to improve the customer, financial institution hand off to improve security.
I think having
- a centralised registry for OpenBanking applications; and
2.a more managed P2P token and authentication model removing opportunities for customer data breaches
are simple steps to help improve the Open Banking effectiveness and our overall data security.
What are your thoughts? Should we be replicating the british model implemented, or look to improve on it and feedback into the global execution of the directive.