Open Banking has made banks open up their customer data to authorized third-party providers via APIs. It has largely been initiated in banks globally as a result of various compliance and standards being introduced by regulatory agencies like PSD2 (Europe), UPI–IndiaStack, and CDR. Banks are the providers of this service, and consumers vary from FinTechs offering value-added banking solutions to end customers, challenger banks, neobanks, payment processors, transaction aggregators, and other third-party providers (TPP). |
