“Open banking is not without risks, given the potential for malicious third-party applications to steal customer information and other data protection violations,” said Diokno in a chat hosted by Union Bank of the Philippines.
Keeping customer information private is important as the BSP “lays the regulatory groundwork to protect the customer’s confidentiality and the financial institutions’ core systems.”
Open banking is included in the BSP’s three-year digital payments transformation roadmap. Also called open bank data, it provides information to third-party financial service providers through application programming interfaces or APIs.
Diokno said the open banking framework will “reshape the banking industry” and will also challenge “long-established players with increased competition and the necessary adoption of standard technology.”
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Denne historien er fra July 12, 2020-utgaven av Manila Bulletin.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Taking care of older persons is the collective concern of the citizenry
The International Day of Older Persons is observed on Oct. 1 each year.
Promoting safe driving in the new normal
Ford Driving Skills for Life
ON MANNY PACQUIAO - You're the greatest – Roach
From one legend to another.
NAT'L BASKETBALL ASSOCIATION - PAY CUTS FOR NO VAX PLAYERS
NBA poises crackdown on those who refuse to get vaccinated
Duterte renews commitment to infra dev't
With only months left in his term, President Duterte reassured the public that his administration remains committed to its promise of infrastructure development aimed at making the Philippines a progressive nation.
Sustain Our Teachers' Enthusiasm; Enable Young Learners To Hurdle The Learning Crisis
For 10 years now, the period from Sept. 5 to Oct. 5 of every year has been observed as National Teachers Month (NTM), by virtue of President Benigno S. Aquino III’s Proclamation No. 242. The observance culminates on Oct. 5 that, by virtue of Republic Act 10743, is observed as World Teachers Day (WTD) and National Teachers Day (NTD) pursuant to a UNESCO mandate.
Love knows no borders
Pangasinense couple weds at checkpoint
The Next Election Is No Waste Of Time
An appeal to the young who can influence the outcome of the upcoming elections
US Olympian Biles Says She Should've Quit Earlier
Gymnastics
Drones And Jets: China Shows Off New Air Power
ZHUHAI, China (AFP) — China on Tuesday showed off its increasingly sophisticated airpower including surveillance drones and jets able to jam hostile electronic equipment, with an eye on disputed territories from Taiwan to the South China Sea and rivalry with the United States.
