open banking
OH-pun BANK-ing
ˈoʊpən ˈbæŋkɪŋListen
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Dictionary meaning
a financial services framework in which banks and other financial institutions are required or incentivised to share customer financial data securely with authorised third-party providers through standardised application programming interfaces (APIs), with the customer's consent; mandated in the European Union through the revised Payment Services Directive (PSD2) and in the United Kingdom through the Open Banking Implementation Entity, open banking enables fintech companies to build new financial products and services using real-time account data, including personal finance management tools, automated savings, and alternative credit scoring models that rely on transaction history rather than traditional credit file data
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