Dollar Scholar Asks: What Is Open Banking, and How Could It Benefit Me?
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This is an excerpt from Dollar Scholar, the Money newsletter where news editor Julia Glum teaches you the modern money lessons you NEED to know. Don't miss the next issue! Sign up at money.com/subscribe and join our community of 160,000+ Scholars.
I’ve long joked that Money should just deposit my paycheck directly into the coffers of Madison Square Garden. I go to so many concerts there that it seems like a logical arrangement! Think about how much more efficient it would be if we skipped the middleman — me — and handed over my wages to the place I’m going to spend them all anyway.
This is mostly a self-own, but it’s not an outlandish idea. It's actually similar to a movement happening right now called open banking, which involves connecting various financial accounts for better money management.
My Money-MSG partnership proposal aside, I want to learn more.
