The National Institute of Standards and Technology (NIST) is seeking public input on its recently released draft report that defines open banking and provides details about its functions, enablers, cybersecurity and privacy-related issues.
The draft Cybersecurity Considerations for Open Banking Technology and Emerging Standards report also describes the new financial ecosystem and outlines how individuals and small and mid-size businesses in several countries around the world use the technology to move their finances, NIST said Monday.
Report authors from the agency, academe and private sector wrote that open baking is also aimed at streamlining entry to the financial business sector for new financial service providers.
Public comments are due March 3rd.