SINGAPORE (Dec 4): Providing open banking services is on the cards for the majority of large banks in Asia Pacific, according to a new global research report by Accenture Research.

Open banking is a concept based on the principles of using open application program interfaces (APIs) such that third party developers can, using open source technology, build applications and services around financial institutions.

The process enables financial services commercial customers to share their financial data securely with banks and third parties, thus making it possible to easily transfer funds, compare products and manage accounts using APIs.

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