Noun
open banking (uncountable)
(banking, finance) Third party API access to a consumer's banking data in order to create new services and products.
Open banking and the introduction of a national identity framework were flagged as ways to make it easier for fintechs and alternative lenders to more easily offer these customers competitive products. Source: Internet
The Open Banking system is helping create an ecosystem where banks and technology providers can collaborate to offer true digital solutions to a customer even at the last mile. Source: Internet
Open banking will make it easier for customers to use products outside of their financial provider. Source: Internet