An organization in Arizona is laying groundwork for the U.S. to develop its own definition of open banking, a European policy that called for banks to share consumer data with third parties such as fintechs.

Forward-thinking bank and technology executives sense the U.S. could go well beyond the original intentions of open banking by getting banks and fintechs to modernize payments and financial services tools — and quickly move digital products to market — through an API-driven ecosystem.

CCG Catalyst Consulting and the Arizona Bankers Association want to support that scenario through the creation of the Arizona Fintech Council, an organization of banks, economic and technology groups and other stakeholders to promote the partnership of banks and fintechs in moving technology forward.

So far, the U.S. is moving cautiously toward that goal. Not only is opening banking channels not a government mandate as it is in Europe, but many in the U.S. have different definitions of open banking.

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