Open Banking

Open Banking is a system that allows consumers to share their financial data securely with banks and third-party services through application programming interfaces (APIs). This enables the development of new financial services, such as budgeting tools and payment solutions, promoting competition and innovation. With customers’ consent, these services can access their account information to provide tailored offerings, improving user experience. Open Banking aims to give individuals more control over their data, enhance financial management, and foster greater transparency in the financial sector, while ensuring stringent data security and privacy measures are in place.