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UNLOCK OPEN BANKING WITH DEFINITION-DRIVEN API DEVELOPMENT AND VIRTUALIZATION

In the last year there we have heard a considerable amount about Open Banking revolutionizing the banking industry with governments around the world mulling increased regulation. Open banking is the idea of breaking the monopoly of a few larger banks by letting smaller players get access to customer data, so they too can provide value added services using Application Programming Interfaces (Open APIs) to enable third-party developers to build apps and service around more traditional banking and financial services. So why is it important and how do APIs drive this new concept?