- August 9, 2018
- PSD2
- Open Banking
Open banking: a better tomorrow? – Features
The UK launched its Open Banking initiative on 13 January this year, but most people, aside from those in the finance industry, seemed oblivious to it. But now that a little time has passed, it’s worth asking: just what is Open Banking, who might be affected and how? Put simply, Open Banking is a system of data sharing where a bank customer (consumer or small- to medium-sized enterprise) consents to sharing their banking data or financial information securely with third parties. It should also allow these bank customers to instruct authorised third parties to make payments on their behalf.