What is Open Banking?
Simply put, open banking gives you the ability to share your financial accounts’ data to access innovative financial service experiences. Traditionally, only you and your bank could access your financial data. Open banking allows you to share that data with another financial service provider — either a different financial institution or third party, to empower you to use your own data for your own benefit. These third-party providers can include a wide range of fintechs, currency exchanges, merchants and other digital platforms.
What are the benefits of open banking?
The benefits of sharing access to your bank account information may allow you to access new, tailored and more relevant financial services that improve your control over your data. For example, many of us hold accounts at different banks or brokerages. Open banking allows you to aggregate the information for all those accounts into one real-time dashboard of your choosing, so you can see all your money in one place.
Follow this link to get more information on open banking solutions.