Open Banking

Open banking is a system where banks share customer financial data with third-party providers through secure APIs, with the customer's consent, enabling new financial services and applications.

Open banking allows apps to access your bank data to provide services like budgeting, account aggregation, and payment initiation. It's regulated in Europe under PSD2 and is growing globally. It empowers consumers to use innovative financial tools. Some programs expand to Open Finance and must comply with GDPR requirements.

Related Terms

API

Application Programming Interface

An API is a set of protocols and tools that allows different software applications to communicate wi...

PSD2

Payment Services Directive 2

PSD2 is a European Union regulation that requires banks to open their payment infrastructure and cus...

Fintech

Financial Technology

Fintech refers to technology-driven innovation in financial services. It encompasses mobile banking,...

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