This new draft report from NIST on Open Banking describes a new kind of financial ecosystem that gives third-party financial service providers open access to consumer banking, transactions, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs). It is governed by a set of security profiles, application interfaces, and guidelines for customer experiences and operations. Ecosystem-enabled banking means that there are not predefined direct relationships or “supply chains” of financial products and services. Rather, the flow of debits and credits between these products and services are executed at the discretion of the customer.

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