Credit: FON's Fasai/Adobe Stock
The idea of open banking began in Europe, specifically with the Single Euro Payments Area’s Payments Services Directives (SEPA PSD1-3) was first introduced in 2007. Following its success in Europe, open banking has made its way across the Atlantic to America.
For U.S. insurance companies, the urgency to embrace an open banking transformation strategy is amplified by the impending Dodd Frank 1033 regulation, which will promote competition by allowing consumers to access and share their financial data with third parties.
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