word

Open Banking

OH-pen BANK-ing

/ˈoʊ.pən ˈbæŋ.kɪŋ/

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Syllable breakdown

Openbanking

Dictionary meaning

A financial services model that allows third-party providers to access consumer banking data — with the customer's consent — through APIs; enables competition, personalization, and innovation in financial services beyond traditional banks.

Examples

Open banking allows budgeting apps to access your transaction history from multiple bank accounts.
The EU's PSD2 directive mandated open banking across European financial institutions.

Synonyms: API banking, bank data sharing, PSD2

Pronunciation tips

Key concept: data portability. Your bank data belongs to you, not the bank. Open banking lets you share it securely with approved apps.

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