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In the context of integrable partial difference equations on quad-graphs, we introduce the notion of open boundary reductions as a new means to construct discrete integrable mappings and their invariants. This represents an alternative to the well-known periodic reductions. The construction deals with well-posed initial value problems for quad equations on quad-graphs restricted to a strip. It relies on the so-called double-row monodromy matrix and gives rise to integrable mappings. To obtain the double-row monodromy matrix, we use the notion of boundary matrix and discrete boundary zero curvature condition, themselves related to the boundary consistency condition, which complements the well-known $3$D consistency condition for integrable quad equations and gives an integrability criterion for boundary equations. This relation is made precise in this paper. Our focus is on quad equations from the Adler-Bobenko-Suris (ABS) classification and their discrete integrable boundary equations. Taking as our prime example a regular $\mathbb{Z}^2$-lattice with two parallel boundaries, we provide an explicit construction of the maps obtained by open boundary reductions, the boundary matrices, as well as the invariants extracted from the double-row monodromy matrix. Examples of integrable maps are considered for the H1 and Q1($δ=0$) equations and an interesting example of a non-QRT map of the plane is presented. Examples of well-posed quad-graph systems on a strip beyond the $\mathbb{Z}^2$-lattice are also given.