Open Banking Infographic
Open banking can be defined in many ways, but the way I like to think of it is making customer account information at traditional banks accessible via APIs to third-party providers, called TPPs—which can be nonbanks (such as fintechs, tech companies or credit agencies) or even banks (traditional ...
Open banking can be defined in many ways, but the way I like to think of it is making customer account information at traditional banks accessible via APIs to third-party providers, called TPPs—which can be nonbanks (such as fintechs, tech companies or credit agencies) or even banks (traditional or challenger). Once a customer authorizes a TPP to access his/her bank account, the TPP interacts with the account-holding bank (through APIs the bank provides) to obtain the information it requires to deliver services.
