Open banking and Blockchain

Open banking refers to:

• Greater financial transparency options for account holders ranging from open data to private data

• The use of open APIs that enable two-party developers to build applications and services around the financial institution

• The use of open source technology to achieve the ab

How many characteristics of open banking?

• 
• 
• 
• 

Better accessibility to financial operations and increasing costs of financial operations are the advantages of open banking

• 
• 

• Enhanced security

• Instant traceability

• Decreased efficiency and speed

• Automation

Removing regulatory and compliance related risks are the roles of blockchain in open banking?

• 
• 

What is the pros when banks use blockchain in payments, especially Cross-Border Payments????????

• faster and less expensive with bank blockchain than with traditional systems

• If the cross-border payment is made in cryptocurrencies, it can impose certain security-related risks

• can impose risks such as “private keys” – variables that are used for digital signatures that can be potentially stolen or lost.

• reduce the redundancy of information and thus improve performance.

How many types of blockchain systems?

• TWO

• THREE

• FOUR

• FIVE

What are the benefits when applying blockchain in Banking?

• Speed and Security

• Transparency and Traceability

• Risk and Cost Management

• All are correct

What are factors accelerating adoption of blockchain technology in open banking?

• Automation, simplification, and efficiency of processes.

• Cost reduction.

• Trust

• Privacy

How many advantages of open banking?

• 5

• 6

• 7

• 8