In today's app ecosystem, consumer financial account data is in high demand.
Data aggregators often use screen scraping to access customer data, which requires consumers share account credentials. This can expose customers to risk.
APIs are secure alternatives that can facilitate data transmission. APIs allow different systems to communicate and exchange data.
Traditionally APIs have been proprietary and non-standardized, requiring developers to customize for each connection.
Today, the industry is working to develop secure open API standards to simplify data transmission across the data ecosystem.
Open APIs can enhance banks' ability to provide customers with the security, control and transparency they deserve.