Question

What is open banking?

Select one:

a. Open Banking refers primarily to giving customers greater access to and control over their own banking data

b. Open Banking enables the customer to direct that they can be provided with parts of their banking data in a secure environment and in a prescribed way

c. Open Banking enables the customer to direct that they, or third parties chosen by them , be provided with pre determined parts of their banking data in a secure environment and in a prescribed way

d. A and B

e. A and C

Answer 1

Ans) e. A and C

Open banking cab be distinguished from open data whereby anybody can access on the internet without need to obtain consent. Rather Open banking enables customer to direct that they or third parties chosen by them , be provided with pre determined parts of their banking data in a secure environment and in a prescribed way

Further Open banking is defined as giving customer the freedon . i,e greater access to and control over their own banking data