Open banking. The buzzword that has everyone nodding in agreement, but if you stop the average person on the street—or even in the boardroom—they’d struggle to tell you what it really means. Is it APIs? Fancy fintech dashboards? Or is it just another Silicon Valley dream exported to Africa and rebranded for the local market? …
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Are Mono and Stitch truly open banking?
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Mono can redefine its open banking with open banking!
Open banking serves as a remedy to this predicament and saves financial service providers like Mono from the headache of even considering embarking on this herculean task. The implementation of open banking standards mandates banks to provide statement and other financial data in a uniform fashion; either directly or through a middleware if their infrastructure cannot conform to this standard (yet). This eliminates the complexity that hinders seamless integration.
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