What is Open Banking?
Open Banking is a result of Europe’s second Payment Service Regulation (PSDII). According to the regulation banks must open up and share information to Third Party Providers (TPPs) via Application Programming Interfaces (APIs). However, this can only be done if customer have given his or her consent to do this. Hence, the mandate lies in the hands of the customer and is something we fully support. As a result of more accessible APIs and shared information across the market a new financial ecosystem is taking shape, often described as an Open Banking landscape.
Published 01 December, 2020