It is time for banks to reconsider their perspective on Open Banking. In this new transaction- and data-driven world, data sharing — just like money and payments — needs to be decentralised. However, it must also be interoperable and trustable. Proper governance and oversight safeguard public functions for society as a whole, and data sharing should be no exception. — INNOPAY believes that banks are currently in a unique position to outperform Big Tech challengers by leveraging their core capabilities, infrastructures, operating models and experience in payments and transactions, with a special focus on digital identity. But that requires investment in Open Banking now — before it’s too late.
