Open banking has been enabling bank operations to evolve for 20 years. However, if you’re still not up to speed on what exactly is a bank API, we will try to clear the fog with this article.
Open banking API – the definition
First and foremost is to understand that API stands for Application Programming Interface. Open banking as a whole is a system that banks use to create open APIs that securely share their customer’s data with their consent. By integrating with a bank’s API, third parties can access financial information needed to develop novel apps and services. At the same time, for the account holder, it creates greater financial transparency and opens up alternative choices.
