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Open banking opens doors for credit unions

first_img continue reading » The future of banking is in open banking—the democratization of financial services through technology. The term “open banking” may seem lofty, but it simply allows retailers, credit unions, and members to easily and safely share financial information across a network of platforms. For instance, you might want to connect savings, checking, and investment accounts into a personal financial management tool.Or, if you prefer to get more technical, the definition from Investopedia reads, “Open banking is a system that provides a user with a network of financial institutions’ data through the use of application programming interfaces (APIs). The Open Banking Standard defines how financial data should be created, shared, and accessed.” An API is a set of rules regarding how various systems interact, allowing multiple systems to communicate with each other. It defines the requirements for authentication and data sharing. Developers essentially build applications and services around the financial institution.How do these APIs enable open banking and simplify processes? They allow financial institutions and service providers to connect to each other more easily to perform functions that once required transfer of physical documents to complete. A real-world example of this is direct deposit. Money is transferred electronically from an employer’s bank account to the employees’ credit union, and then into the individual accounts. This service was reserved for large banks not long ago, but is now nearly universally available. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Malay police chief shoots wife’s nephew

first_imgYesterday, Baylon filed a string ofcharges against Baylen – direct assault, trespass to dwelling and physicalinjury. Police Major Jess Baylon surrenderedto the Cabatuan police station after shooting Dennis Baylen, 27. ILOILO City – The chief of Malay,Aklan’s police station was jailed for shooting the nephew of his wife inBarangay Tinio-an, Cabatuan, Iloilo on Tuesday night. Moments later Baylen returned andpelted Baylon’s house with stones. “What I did was only to protect myfamily. Take note that the incident happened inside my compound. I took a leaveof absence to be with my son on his birthday. Dennis interrupted ourcelebration,” said Baylon./PN The police officer said he stoppedBaylen and told him to go home; on the other hand, he decided to let the uncleinside his house. The shooting happened at around 10p.m. A stone hit Baylon’s wife unconscious.center_img After shooting Baylen, Baylon alertedthe Cabatuan police and surrendered. He also gave up his service firearm. Baylen, on the other hand, filed anattempted homicide complaint against Baylon. “I did not have the intention to killhim. I only wanted to neutralize him,” said Baylon. He said Baylen was unruly, armed withstones and a bottle and tried to harm his (Baylon) family. Prior to it, Baylon said, a drunkenBaylen mauled an uncle, Lambert Baylen, in front of his (Baylon’s) house. The unruly Baylen tried to enter thehouse thus, Baylon said, he shot the suspect on both legs.last_img read more