word

Open Banking

OH-pen BANK-ing

/ˈoʊpən ˈbæŋkɪŋ/

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Syllable breakdown

openbanking

Dictionary meaning

A financial services model that uses open application programming interfaces (APIs) to allow third-party developers to build applications and services around a financial institution's data and infrastructure, with the customer's explicit consent, enabling greater competition, innovation, and personalisation in financial services.

Examples

Open banking regulations in the EU require banks to share customer data with licensed third parties upon request.
The fintech startup used open banking APIs to aggregate all of the user's accounts in a single dashboard.

Synonyms: open finance, API banking, bank data sharing

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