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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Article: 3 examples of what Open Finance can do right now

Money, Open Governance, Open Source

3 examples of what Open Finance can do right now

Open Finance is a term that describes the act of consumers sharing their financial data with third party providers (TPPs). Initially with Open Banking, banks only had to share basic account data, whereas Open Finance means that there will be more indepth data sharing across a broader range of financial products and services.

Open Finance will unlock further innovation in the financial services sector and beyond, by making use of the expanded data set made available through secure Open APIs.

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