What is Open Banking?

Open Banking is a standard created for the UK’s banking industry; its main goal is to secure the way providers intend to access to their potential and current customers’ financial records.

Open Banking is meant to opens the doors to new products, features and services that will help not only individual customers but also small to medium-sized businesses to obtain a better value proposal from banks. It could also provide this universe of customers a more detailed understanding of the financial products they acquire, as it helps them to obtain new and better ways to make the most of the money they spend and invest on.

Open Banking works with either online or mobile banking; customers can take advantage of mobile or web platforms that already use this standard, from Regulated Providers that are already ruled by the Financial Conduct Authority (FCA) and its European equivalents.

Thanks to Open Banking customers can compare multiple providers at the same time, so that customers can transparently look for the most suitable products for their needs, should it be a regulated app or a website. Of course, customers can make payments from their current bank to any other regulated institution through Open Banking.

More information can be found at https://www.openbanking.org.uk/