Article: What Open Banking Is and How It Will Affect You

Money, Open Governance

What  Open Banking Is and How It Will Affect You

Open banking is the practice of sharing financial information electronically, securely, and only under conditions that customers approve of.3 Application programming interfaces (APIs) allow TPPs to access financial information efficiently, which promotes the development of new apps and services.4 Ideally, open banking should result in a better experience for consumers.

You may already use services that open banking would improve upon. For example, third-party personal financial management (PFM) tools like Mint use your bank account information to help you track spending and reach other goals.

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