Open Banking Myths – Safety & Privacy

Category: Open Banking

Published on October 5

Myth #01: Open Banking is not secure
Fact: Open Banking is actually more secure than regular banking

Open Banking establishes a secure way for consumers to share their financial data with fintechs / merchants / service providers through APIs.

By forcing the industry to secure APIs with FAPI / Open ID, in reality Open Banking is much more secure than screen-scraping which is currently wide-scale, in-secure and prevalent.