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http://dx.doi.org/10.13089/JKIISC.2019.29.6.1271

A Study on the Policy Proposal and Model B2B2C for Safe Open Banking  

Choi, Dae-Hyun (Graduate School of Information Security, Korea University)
Kim, In-Seok (Graduate School of Information Security, Korea University)
Publication Information
Journal of the Korea Institute of Information Security & Cryptology / v.29, no.6, 2019 , pp. 1271-1283 More about this Journal
Abstract
The fourth industrial revolution and digital transformation are also bringing major changes to the financial ecosystem in Korea. Already, global financial firms overseas are opening their financial markets and exploring new financial businesses by seeking ways to co-prosperity with fintech firms. However, it is also true that the domestic financial environment has failed to respond to the changes due to its monopolistic and closed structure. In response, the government began pushing for the introduction of open banking in December 2019 with the aim of fully opening the financial settlement system. However, unlike the existing simple financial transaction structure, open banking still has an unresolved part due to the unclear relationship of responsibilities between interested parties in the event of financial accidents due to the complex linkage structure of transactions such as financial firms, fintech firms and customers. This study analyzed the security threat of open banking in depth. By doing so, the government and financial firms want to present policy proposals that need to be improved to enhance the safety of open banking in korea and protect financial consumers, as well as new financial models that have improved the vulnerable parts of existing models.
Keywords
B2B2C; Open Banking; Open API; OAuth;
Citations & Related Records
Times Cited By KSCI : 2  (Citation Analysis)
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