What is Open Banking?

Open Banking Introduction
Photo by Noah Buscher
What is Open Banking?

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.

Next: When did Open Banking start? and What can Open Banking do?