Open Banking

Open Banking refers to the practice of sharing financial information securely and electronically, allowing third-party financial service providers to access and utilize consumer banking data. It enables the integration of various financial systems and services, promoting competition and innovation within the financial industry. Through open banking, consumers can grant consent for their banking data to be shared with authorized third-party providers, facilitating the development of new financial products and services tailored to their specific needs. Open Banking initiatives are governed by regulatory standards aimed at ensuring data security, transparency, and customer control over their financial information.