Meaning of open banking | Babel Free

Definitions

Third party API access to a consumer's banking data in order to create new services and products.

uncountable

Examples

“It’s the start of a new series of rules concerning “open banking”, where customers will be able to share their personal financial information with companies other than their bank, opening up opportunities to get better deals on mortgages, overdrafts and comparing insurance and broadband deals.”

““Everyone’s getting very excited about fintech and open banking and all this new technology but the fact is … this actually risks more people being excluded from the financial system,” McAteer said.”

CEFR level