Open Banking is generally known as the practice of sharing personal financial information electronically, under secure conditions that are both approved by corporations and by the consumer. In doing so, Application programming interfaces (APIs) allow Third-Party Providers (TTP) to access financial information efficiently which results in smoother, faster, and easier financial processes.
Examples of how Open Banking has already started to become implemented would be budget tracking apps on your device, or even through your bank that could be connected to checking or savings accounts. Other instances where Open Banking has been used when you don’t even realize would be purchases of a home or monthly payments. Technology is becoming increasingly prominent in daily financial transactions, and understanding how this affects your life is essential.
What can Open Banking do for you though? Open Banking is a huge aspect for not only banks but also TPP’s and regulators. It offers more personability and customization to its consumers in managing and borrowing money as well as making payments.
App developers have recruited the use of APIs to create more streamlined and …