Financial services term to allow sharing of financial data
In financial services, open banking allows for financial data to be shared between banks and third-party service providers through the use of application programming interfaces (APIs). Traditionally, banks have kept customer financial data within their own closed systems. Open banking allows customers to share their financial information securely and electronically with other banks or other authorized financial organizations such as payment providers, lenders and insurance companies.
Proponents argue open banking provides greater transparency and data control for account holders, and could allow for new financial services to be provided. Proponents also say that it aims to promote competition, innovation, and customer empowerment in the banking and financial sectors.[1][2][3] Opponents argue that open banking can lead to greater security risk and exploitation of consumers.
The first open banking regulations were introduced by the European Union in 2015, and many other countries have introduced financial regulations related to open banking since.
^Premchand, A.; Choudhry, A. (February 2018). "Open Banking & APIs for Transformation in Banking". 2018 International Conference on Communication, Computing and Internet of Things (IC3IoT). pp. 25–29. doi:10.1109/IC3IoT.2018.8668107. ISBN 978-1-5386-2459-3. S2CID 84185109. Archived from the original on 4 April 2023. Retrieved 15 May 2023.
^Open Banking Working Group. "The Open Banking Standard" (PDF). HM Treasury. Archived (PDF) from the original on 18 April 2017. Retrieved 18 April 2017.
^Brodsky, Laura; Oakes, Liz (September 2017). "Data sharing and open banking". McKinsey & Company. Archived from the original on 8 November 2017. Retrieved 7 November 2017.
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