Open Finance

Open finance expands open banking to include a broader range of financial data such as investments, pensions, insurance, and credit products. It enables customers to share more of their financial information with third-party providers.

Open finance relies on secure APIs and customer consent frameworks. It aims to provide a more holistic view of a person's financial life across institutions.

Related Terms

Open Banking

Open banking is a system where banks share customer financial data with third-party providers throug...

API

Application Programming Interface

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

Fintech

Financial Technology

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

PSD2

Payment Services Directive 2

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

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