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Macquarie is leading the charge that customers own their own bank data by rolling out the Australian market's first open banking platform to allow its customers to securely move data to fintech start-ups and other technology companies.
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Powered by application programming interfaces (APIs), the new "Macquarie open platform" will allow a large numbers of fintech start-ups – or other companies – to plug directly into the Macquarie banking system. To get a connection, third parties have to meet API standards and agree to its security terms and conditions. The system uses the OAuth 2.0 open standard also used by the big technology platforms including Google and Facebook
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