With today’s open APIs, things are very different. The collaboration environment has pivoted from a one-to-one model to one-to-many—with banks, FinTechs and a wide array of other third-parties able to collaborate flexibly and seamlessly.

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A realistic guide for community banks and credit unions that want to improve efficiency and deliver a better customer experience

Innovation around open APIs in banking has now entered its third and most powerful phase. Having progressed from their origins as proprietary, largely internal tools, via their use in bank-specific systems, open APIs are now emerging as the vital enabler for a new era.

Correspondent banking is facing the same challenges from new technologies and players as the rest of the banking market. And with new competitors offering almost immediate settlement of cross-border payments, banks need to worry about customer retention if they want to maintain market dominance.