Open Banking Definition
Open Banking is a regulatory and technological framework that enables the secure, consumer-permissioned sharing of financial data, such as transaction history a
Open Banking is a regulatory and technological framework that enables the secure, consumer-permissioned sharing of financial data, such as transaction history and account information, between banks and authorized third-party providers (TPPs) through standardized Application Programming Interfaces (APIs). This system fundamentally shifts control of financial data from institutions to the consumer, fostering competition and innovation in the financial services sector.