From Open Banking To Open Finance

Towards increasingly open financial services

Open Banking generally refers to the obligation under the Second Payment Services Directive (PSD2) for banks to open access to their customers' payment accounts to the so-called third party service providers in order to provide a Payment Initiation Service (PIS) or Account Information Service (AIS).  These services require the customer's consent and take place through Application Programming Interfaces (APIs).  Open Banking services based on customer banking data are only at the beginning of their development, as the European Commission aims to enable even wider use of data in the financial sector and other areas of society.

Open Finance