CURRENT AFFAIRS

Detailed explanation-1: -Adyen launches next generation open banking solution in partnership with Tink. Adyen is now offering open banking on its single platform.

Detailed explanation-2: -Open banking payments enable shoppers to pay via instant bank transfer, minus any manual data entry or additional Strong Customer Authentication (SCA) checks. With their value expected to grow by 2,800% between now and 2026, it’s become imperative for PSPs to integrate them.

Detailed explanation-3: -In open banking, banks can share and leverage customer-permissioned data with third-party developers and firms to build applications and services. It breaks down financial data silos and a wider range of users get access to data through application programming interfaces (APIs).

Detailed explanation-4: -Many banks such as Kotak Mahindra, HDFC Bank, ICICI Bank have already adopted the open banking module and the country is now slowly adapting completely to the new technology. Clearly the future of banking is digital. However, with the open banking system comes data freedom.