Open Finance and Open Banking bring benefits, but they also bring risks. What are the key measures, standards and practices that give access to those who should have it, but keep the bad guys out?
Security is a relevant and constant concern of Financial Institutions and Fintechs when approaching the adoption of open finance. It is the one of the most discussed topics.
Sometimes security concerns are used as a pretext for allowing access to data that could otherwise be shared.
Sometimes security features create usability issues that are so severe, that the benefits of open finance are lost.
Often the security discussion focusses on one domain owned by “experts” without reference to other domains that are just as important, e.g. Legal, technical, operational, payment related, data related.
Over five years and multiple countries OBE has seen the fundaments of open finance security emerge in different markets. In this webinar, we discussed:
– What is a Trust Framework?
– Who does a Trust Framework protect?
– What are the key elements that provide Trust?
– Why are standards important and where do these standards come from?
– Where are the Latin American countries on this journey?