Future of Digital Onboarding, Security and Open Banking

Welcome to bank-opening-times.com, the most robust and user-friendly online database of UK banks that provides all the required and accurate bank information in your area.

With bank-opening-times.com, all the details for UK banks are beyond your ease of access, barely a few clicks away, no more hours of Internet searching, attempting to find the information you need from the bank.

To take advantage of open banking and its fraud detection features, financial institutions need to choose between screen scraping and banking APIs.Source URL: https://diro.io/screen-scraping-vs-banking-api/

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Banks and other financial institutions (FIs) use online banking to enrich their portfolio of services and operate more efficiently.

However, while digital banking has propelled revenue and profitability, it has also raised cybersecurity concerns.

Research shows that the finance industry is the second-most targeted industry for cyberattacks.

This alarming trend indicates that the finance industry needs to invest in more sophisticated threat detection solutions to prevent costly breaches because they can cost $3.7 million to resolve.

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As cryptocurrencies continue to get mainstream acceptance globally, the services around them are also building up fast.

In February 2021, buy now pay later (BNPL) giant Klarna made its first foray into cryptocurrencies by entering into a strategic partnership with Sweden-based crypto exchange Safello.Notably, Safello is leveraging the open banking services of Klarna, thereby allowing its 180,000 customers to buy cryptocurrencies from their bank accounts.

Currently, the global BNPL leader has access to more than 5,000 banks spread across 18 countries across Europe.

Moreover, using a single API, the BNPL platform of Klarna complies with pan-EU banking regulations.

Klarna and Safello partnership: Rise of open banking services in the EU  The European Union Commission announced its Second Payment Services Directive (PSD2) in 2018.

The new directive provided the much-needed fuel to the adoption and implementation of open banking services, which have been going through unexpected challenges and technical hurdles over the last few quarters.Notably, the BNPL platform of Klarna has made the most of the new directives and has built one of the most scalable open-banking systems across Europe.