What is Open Banking?

Open banking is also known as "open bank data." Open banking is a banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs).

Open banking will allow the networking of accounts and data across institutions for use by consumers, financial institutions, and third-party service providers. Open banking is becoming a major source of innovation that is poised to reshape the banking industry.

  • Open banking is the system of allowing access and control of consumer banking and financial accounts through third-party applications.
  • Open banking has the potential to reshape the competitive landscape and consumer experience of the banking industry.
  • Open banking raises the potential for both promising gains and grave risks to consumers as more of their data is shared more widely.

For more information please visit - https://en.wikipedia.org/wiki/Open_banking