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Open Banking
Open banking allows third-party financial services to access bank data via APIs, with customer consent.
Definition
Open Banking is a financial services practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of APIs. Open Banking is enabled by regulations like PSD2 (EU) and Bank Al-Maghrib's framework (Morocco). Benefits: (1) More competition in financial services, (2) Better customer experience, (3) Innovation in fintech. Morocco launched Open Banking initiatives in 2024. Harch Corp provides secure API infrastructure for Open Banking participants.
Related Keywords
open bankingpsd2bank apifintech apiopen finance
Related Terms
Regulatory Compliance
Compliance means adhering to laws, regulations, and industry standards relevant to your business.
Data Security
Data security is the protection of digital data from unauthorized access, corruption, or theft.
Data Privacy
Data privacy is the right of individuals to control how their personal data is collected and used.