open banking
Financial data sharing
Open banking is a system that allows third-party financial services to access bank data through secure APIs, with customer consent.
It enables apps to view account balances, initiate payments, or aggregate information from multiple banks in one place: Open banking let me see all my accounts in a single dashboard.
The practice emerged from regulations requiring banks to share data, fostering competition and innovation in financial technology.
- bank accountFinancial storage for funds
- account accessAuthorization to use profile
- fintechTech-driven monetary services
- mobile paymentsPurchases via portable devices
- neobanksBranchless digital financial institutions
GDPR · sandbox · plug and play · interoperability · payment systems · third-party · secure transactions · consent · contactless payment · consumer protection laws · aggregation · money management · data sharing · API · peer-to-peer lending · transactions · data encryption · authentication
- fintechfintech, digital wallet, mobile payment, digital wallets, digital payments
- European BankingEuropean Central Bank, eurozone, euro, Deutsche Bank, HSBC
- disruptorsUber, disruptor, Airbnb, disruption, Netflix