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What the next phase of open banking technology looks like

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Bob Schukai

EVP, Technology Development, New Digital Infrastructure & Fintech at Mastercard

Open banking is a platform for innovation. The fintech sector is growing faster than ever, and a platform for accessing consumer-permissioned data will power innovation focused on financial inclusion, financial literacy, money movement and beyond. The successes of many financial products (e.g., lending services offered by Rocket Mortgage and powered by Mastercard’s open banking offering) demonstrate the value consumers already see in using apps and services that consumer-permissioned data made possible.

As we move toward more seamless digital experiences, one of the most important technological advancements will be universal use of APIs to build direct connections to banks, fintech companies, brokerages and payroll providers. APIs help ensure the best data through the fastest, most secure and most reliable connections — this will lead to increased data sources, data availability and data…

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