The retail side of financial services – especially payments – is no stranger to open banking, but commercial banks have been somewhat cautious. Lately, however, the spectrum of commercial banking specialities such as liquidity management, foreign exchange, payments and collections, working capital, and treasury are spurring exploration of open application programming interface (API) solutions.
Moreover, there is a strong regulatory push from authorities in certain geographies to adopt open-banking standards to increase industry competition and openness. The availability and increased acceptance of cloud and its related services are enabling quick provisioning, agility, and scalability.
Why adopt open APIs?
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