The key is to be incredibly transparent with consumers about what is being shared for the particular use case they want to pursue. Outcomes regarding how long and what type of data we share are linked to what consumers want from the use case they’re pursuing. It’s the consumer’s data, so the consumer should have the choice to share that data for the use cases they want to pursue, as opposed to it being the bank’s data. It ultimately has to be in the best interest of the consumer. That said, the institutions are a crucial part of the overall ecosystem. It’s a three-sided ecosystem that has consumers, developers, and then the institutions.
The payments industry now encompasses the end-to-end money-movement process, including the services and platforms enabling this commerce journey. Apple, Google, Facebook, and Amazon are real-life examples of large tech companies that trust embedded finance in services like Apple Pay, Google Pay, Facebook Pay, and Amazon Pay. Technology acts as a data enabler and helps transport information securely between the solution providers and showcase platforms using SDKs, APIs, and connectivity as part of their technological infrastructure.
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