What is the key distinction between 'open banking' and 'open finance'?
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A
Open banking covers all financial products while open finance is limited to payment accounts only
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B
Open banking focuses on bank account and payment data while open finance extends to all financial products including insurance, investments, and pensions
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C
Open banking is a US regulatory initiative while open finance is a European Union concept
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D
Open banking requires government mandates while open finance operates on a voluntary industry basis