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The equivalency principle is: A outlines a customer’s ability to direct their bank to share data and/or initiate payments using open banking API actions should be consistent . This creates consistency with that customer’s existing Account Operating Authority Authorities and bank terms and conditions when engaging with open banking APIs.
Note: The counterfactual to the equivalency principle is designing a rules or standards based approach that establishes a separate regime for managing accounts in open banking scenarios, which will likely deviate from some equivalent practices or precedents.
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