What is Open Banking?
Open Banking is a secure way to give Third Party Providers (TPPs) access to your financial information.
Open Banking was created to
- Promote innovation.
- Improve consumer protection.
- Make payments safer and more secure.
- Drive down the costs of payment services.
Open Banking provides a number of benefits to individuals and businesses.
Open Banking in Europe
There are various Open Banking programmes around the world. In Europe, Payment Service Directive 2 has driven the introduction of Open Banking.