What is the meaning of Open Banking?

21 Apr 2022 By PAYCEC

Open Banking means a banking technique that uses application programming interfaces to give third-party financial service providers open access to customer banking, transaction, and other financial data from banks and non-bank financial institutions (APIs). Consumers, financial institutions, and third-party service providers will be able to network accounts and data across institutions for usage by consumers, financial institutions, and third-party service providers. Open Banking is poised to transform the banking industry as a key source of innovation.

The concept of Open Banking opens up banking data in a secure way, to help drive innovative new financial products for individuals and businesses. Open Banking promotes interoperability and networking between banking information and service providers, creating a smoother user experience.

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