Open Banking

Open Banking provides two broad categories of services for the main benefit of improving customers’ financial experience. The first is “account information service” which allows customers to share their bank account information with licensed third-party providers without sharing their log-in credentials through a single platform in an aggregated manner.

The second category is “payment initiation service” which allows licensed third parties to initiate payments on behalf of customers to transfer funds between different customer accounts in a seamless manner through a mobile-based application.Open Banking enables Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) to obtain access to the customer’s banking, transaction, and other financial data with the permission of the customer using application programming interfaces (APIs).

The customer is always in control of which services are used and which providers are allowed to access their information. The customer also decides for how long they will allow the AISP/PISP to access their information.