Open Banking
Overview
Open Banking is a regulatory and technological framework that allows third-party providers to access customer banking data securely through APIs, with customer consent. It is designed to increase competition, innovation, and customer choice in financial services.Regulations such as PSD2 in Europe and OBIE in the UK mandate banks to share standardized data with licensed providers. Open Banking enables services like account aggregation, payment initiation, and improved credit scoring. For compliance, it emphasizes consent management, strong authentication, and data privacy protections. Banks, fintechs, and payment companies leverage Open Banking to offer new products while regulators ensure customer trust and financial system stability. By standardizing data-sharing practices,Open Banking transforms traditional banking into a more customer-centric ecosystem.
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