Executive Summary
What is Open Banking?
Open Banking is the use of open APIs that enable consumers to use third-party products and services that communicate with financial institutions to manage their finances. So far, Open Banking APIs allow consumers to
securely:
- Share their financial data with non-bank third parties of their choosing (Account Information Services, or AIS).
- Initiate payments from their bank accounts via third parties of their choosing (Payment Initiation Services, or PIS) Open Banking holds the potential to drive innovation and spur competition across digital ecosystems, with user consent and high consumer protection standards. In the countries where it has been implemented, Open Banking is driving the creation of innovative products and services, which are enabling more choices and better financial options for consumers and small businesses.
