As the name suggests, the open banking concept involves banks “opening” access to customer data to the public, specifically sanctioned financial institutions. Open banking is a practice where banks and other financial institutions provide access to consumer banking, transaction, and other financial data to third-party service providers through application programming interfaces (APIs), which are essentially software intermediaries that allow different applications to communicate with each other. It represents a transformative shift in the financial services landscape, offering unprecedented opportunities for both consumers and businesses. Its goal is to enable consumers to leverage their financial data to access better services, more competitive rates and innovative financial products. It has allowed financial service providers to unlock their vaults and share data responsibly. Open banking offers consumers the promise of accessing and managing financial information across multiple platforms to take advantage of decentralized banking services, new payment capabilities, and more innovative and personalized business models for financial services. This paper explains open banking and how it works.
open banking, open bank data, finance, finance industry, application programming interfaces (APIs), API banking
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