February 21, 2020
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SWIFT, a financial messaging services provider that aims to be a leader in global banking standardization, has announced a new API standard for pre-authorization of funds. This new standard, which aims to simplify payment authorization, is the second standard proposed by the company this year.
TESOBE, Berlin-based software development firm, has launched the Open Bank Project with the hopes of bringing more transparency to the world's banking community. To accomplish its goal, the Open Bank Project provides an API that banks utilize to provide transaction data to interested parties. Given the hypersensitivity of financial information, the Open Bank Project must persevere through many obstacles. However, should the idea catch hold, it could be the first example of open banking as a service.
GT Software announces the launch of Open Banking SmartBridge. This offering will provide banks and financial institutions with a quick and secure way to connect their legacy IT systems to the multitude of ever-changing third-party apps and services as the U.S. moves closer to open banking adoption.