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What is Open Banking?
It is a revolutionary concept in the banking sector that provides transparency to end users. It relies on the wide use of APIs (Application Programming Interface) to provide users various services of the bank. As a result, the end users of the bank are able to perform transparent transactions. Furthermore, it also enables third-party services to provide better facilities to the users. The concept is widely used in digital banking, cryptocurrency, insurance, wealth management, investment, and related domains.