What does Open Banking enable?

21 Apr 2022 By PAYCEC

Open Banking essentially describes how banks allow regulated financial providers to access, use and share banking data. Therefore, the regulated third party can analyze it and start building an accurate consumer profile.

Open Banking enables the fintech community additional opportunities by allowing customers to authorize the sharing of their transaction data with regulated fintechs in order to gain access to goods and services. It's simple to get started delivering those services thanks to the Open Banking standard.

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