Open Banking

Open banking is a practice that allows third-party service providers to securely access and control consumer banking and financial data from both banks and non-bank financial institutions. This access is facilitated through application programming interfaces (APIs).

This enable financial service providers to retrieve information such as transaction history, account balances, and other financial data directly from consumers’ accounts.

How it works:

Providers use APIs to access shared data about the customer’s accounts and financial transactions.

Aggregation, transactions use the APIs to make new transaction, update transaction , account change on behalf of customer.