The fintech community is pushing for a “global standard” for application programming interfaces (APIs), as new research states that open banking could generate as much as £7.2bn in revenue by 2022.
A report published by LendIt Fintech last week said that open banking has brought about a significant change in the financial services status quo and, if more harmonisation among the banks, third-party providers and regulators can be achieved, there would be significant benefits across the board.
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