1. Mengikuti perkuliahan BD307 di Zoom maupun Offline (Absen Hadirkugo)
2. Membaca Materi BD307 – Business Financial Technology yang telah diberikan pada email masing-masing dan mengerjakan Modul 9.
3. Berikan dokumentasi mengenai pengerjaan progress jurnal Business Financial Technology.

Berikan bukti dokumentasi jika sudah dikerjakan melalui CerMi di Web BisGen.
Semangat ^^

Status: 100%

Keterangan: Saya sudah mengerjakan dengan baik dan benar

Bukti:

Module 9: Open Banking and APIsThis module examines the concept of open banking and its enablers, Application Programming Interfaces (APIs). It discusses how these technologies allow third-party developers to build financial services on top of banks’ data, fostering innovation and competition while raising important security and regulatory questions.

- - Suggested Materials:
    - PSD2 (Payment Services Directive 2) official documentation overview.
    - Article explaining how APIs enable open banking.
    - Case studies of banks partnering with fintech companies through open APIs.
  - Checklist of Questions:
    - What is open banking, and what is its primary goal?
    - How do APIs facilitate the sharing of customer data, and what security measures are needed?
    - Discuss the potential benefits of open banking for both consumers and businesses.

Answer:

Open banking is a technology-based framework that allows secure sharing of financial data between banks and authorized third-party service providers (TSPs) through the use of secure Application Programming Interfaces (APIs).The primary goal of open banking is to increase competition, innovation, and transparency in the financial services industry, ultimately leading to greater customer control over their financial data and access to better, more personalized products and services.
APIs (Application Programming Interfaces) facilitate the sharing of customer data by acting as a secure and standardized intermediary that defines how different software systems can communicate and exchange information.Necessary Security Measures. To protect sensitive customer data when shared via APIs, several key security measures are required:

Strong Authentication and Authorization:
- Authentication: Ensuring only legitimate users/applications can access the API (e.g., using OAuth 2.0 Tokens or API Keys).
- Authorization: Implementing role-based access control (RBAC) to ensure authenticated users can only access the data they absolutely need (principle of least privilege).
Data Encryption:
- Using HTTPS (TLS) to encrypt data while it is being sent over the internet (data in transit), preventing eavesdropping.
- Encrypting sensitive data when stored (data at rest).
Input Validation:
- Ensuring all data received from the client is sanitized and validated to prevent injection attacks (e.g., SQL Injection).
Rate Limiting:
- Restricting the number of requests a user can make within a specific time period to prevent API misuse or Denial-of-Service (DoS) attacks.
Logging and Monitoring:
- Logging all API activity to detect anomalies or attempted attacks in real-time.
Potential Benefits of Open Banking

For Consumers

3. Better Financial Services: Access to more innovative and personalized products and services (e.g., smarter budgeting apps).

Better Decision-Making: Easier comparison of financial products (loans, credit cards) from various providers.
Greater Data Control: Allows consumers to decide with whom they share their financial data.
Lower Costs: Increased competition can drive down service fees.