https://media.blubrry.com/paymentsjournal/paymentsjournal.com/wp-content/uploads/2024/02/FIS-Enterprise-Merchant-004-006-Final-Draft_compressed.mp3Podcast: Play in new window | DownloadOpen banking continues to spread worldwide and is heading for the United States, in what some have been calling its “smartphone moment.” The infrastructure is falling into place to support open banking, and the Consumer Financial Protection Bureau has begun safeguarding the consumer protections necessary for this to happen.In a recent PaymentsJournal podcast, Amit Shastri, Senior Director of Product Management at Worldpay from FIS, and James Wester, Co-Head of Payments at Javelin Strategy & Research, discussed the various payment rails that will facilitate open banking and what the benefits could be for banks, merchants, and consumers.Laying the Groundwork for Open BankingLaying the Groundwork for Open BankingThe Taxonomy of Open BankingIt's important to understand the terminologies used in open banking, a new topic for many people. There are key differences between account-to-account (A2A) payments and open banking
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