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Explain infrastractural component and management of open banking

Explain infrastractural component and management of open banking

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Open banking is a banking practice that involves third party financial service providers open access to the banks consumer accounts using the application programming interface.

It is the process of sharing financial information confidentially and securely.

infrastructural component and management of open banking is based upon various factors which includes data sharing by The Financial institutions which can only be shared after required approval.

management of open banking is also based on automated accounting and streamlined transactions. These are based upon third party use of banking to effectively enhance the banking benefits of the consumer.

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