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Open Banking

Open banking gets a nudge from Washington

The U.S. lags other countries in open banking, the practice of enabling the sharing of customer account information between banks and third-party service providers. A White House executive order issued last July may give it a domestic push.

In the ongoing discussion, the consumer benefit of account-data portability and control runs up against competitive considerations among financial institutions, new-breed fintechs and data aggregators.

Read the full article here.