[HN Gopher] Nigeria is first African nation to ratify open banki...
       ___________________________________________________________________
        
       Nigeria is first African nation to ratify open banking operational
       regulations
        
       Author : finphil
       Score  : 41 points
       Date   : 2023-03-10 20:15 UTC (2 hours ago)
        
 (HTM) web link (philsiarri.substack.com)
 (TXT) w3m dump (philsiarri.substack.com)
        
       | punnerud wrote:
       | PSD2 (Revised Payment Services Directive) is an EU legislation
       | that require every bank to open up APIs to other banks (++), so
       | they can automatically get payment information, transfer money
       | etc
       | 
       | To increase competition in the banking sector, without the need
       | for the users to switch bank. It also open up automating a lot of
       | the switching process
        
       | ElijahLynn wrote:
       | https://en.wikipedia.org/wiki/Open_banking
       | 
       | Open banking is a financial services term within financial
       | technology. It refers to:
       | 
       | 1. The use of open APIs that enable third-party developers to
       | build applications and services around the financial institution.
       | 
       | 2. Greater financial transparency options for account holders,
       | ranging from open data to private data.
       | 
       | 3. The use of open source technology to achieve the above.
        
         | ozornin wrote:
         | Thank you. The post author seemed to assume every reader should
         | have known this
        
         | djxfade wrote:
         | This has been revolutionary here in Norway. We have gotten a
         | lot of third party banking apps that lets you manage all your
         | banking across differenta banks in one app etc. it has also
         | forced a lot of the older banks to step up their online
         | services, due to competition
        
           | gerry_shaw wrote:
           | Canada is still working on Open Banking. I think it will
           | definitely force institutions to step up their game once it
           | is implemented.
           | 
           | https://www.canada.ca/en/financial-consumer-
           | agency/services/...
        
             | finphil wrote:
             | I'm sensing that Abraham Tachjian (Canada's Open Banking
             | lead) is going to speed things up this year.
        
       | boeingUH60 wrote:
       | We also just elected a documented drug trafficker and very
       | corrupt individual [1] as our next President, so there's that. We
       | are poor and sliding back in every statistic that tracks economic
       | and material wellbeing, and yet keep voting in horrible leaders
       | (blame the Northern part filled with people more concerned about
       | tribalism than their economic wellbeing). But, sure, open
       | banking!
       | 
       | 1- https://westafricaweekly.substack.com/p/bola-ahmed-tinubu-
       | fr...
        
       ___________________________________________________________________
       (page generated 2023-03-10 23:02 UTC)