Swift calls for standard API methodology
Open banking ecosystem will only succeed if standard-setters create universal methodology, Swift says
Payment services provider Swift says an open banking ecosystem will only be successful if financial standard-setters formulate a “business standardisation methodology” for the underlying interface technology.
“Regulators around the world have identified the need for interoperability among financial institutions as they move towards a more open banking model,” says Swift in a statement published on October 16.
Application programming interfaces (APIs) have seen an increase in their use, partly
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