Course Summary:
Open banking is being called the future of banking, the new banking ecosystem, and the way forward for consumer banking. Healthcare moved to a portable health record as part of HIPAA, and now the banking sector is following suit. What exactly is open banking and how can an institution get alignment with this new strategy? How are third parties authorized to receive an accountholder's data?
Course Details:
Open banking rulesets will be reviewed to understand a roadmap to compliance and open banking and how to build a program to meet these emerging requirements. A sample open banking policy will be reviewed that can be used as a starting point for the board, information security officer, and C-suite personnel at the institution. This webinar is not for technologists but for leaders to understand open banking and develop a strategy for their institution.
What You'll Learn:- Overview of open banking
- Comparison of traditional banking vs open banking
- Review of an open banking ecosystem
- Understanding of the APIs
- Review of the CFPB 1033 ruleset
- Understand how to authorize a third-party to access consumer data
- Review an open banking strategic roadmap appropriate to the size and complexity of your financial institution
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