Open banking, which allows consumers to securely share their banking data with third-party providers (TPPs), continues to transform financial services. A new generation of financial technology (fintech) companies peer-to-peer payment services, mobile banking apps, and trading platforms offer consumers powerful tools to manage their money and extend their banking capabilities. According to the online data platform Statista,…
After years of fintechs taking the lead in modernizing cross-border payments, fresh momentum is coming from traditional payments and banking infrastructure players, including the card networks and the 50-year-old SWIFT.
Direct connectivity between the cross-border payment company and the data aggregator will let Wise's 13 million customers use the 6,000 fintech apps in Plaid's network without the need for a bank account.
At a recent conference for digital bankers, experts discussed the benefits and budding regulatory efforts around increased data sharing among banks and fintechs.
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