1. Introduction to Open Banking
Open banking refers to a financial services model that allows banks and financial institutions to securely share customer data with third-party providers through application programming interfaces (APIs). This approach shifts control of financial data from institutions to customers, enabling them to grant access to authorized apps and services. Open banking is designed to foster innovation, enhance transparency, and create a more competitive financial ecosystem.
Initially introduced through regulatory initiatives in regions such as Europe, open banking has evolved into a global movement reshaping how individuals and businesses interact with financial services. It supports use cases such as account aggregation, digital payments, and personalized financial management tools.
accessibility with strong security controls.