Open Banking

Open banking is coming to the United States. Aeropay describes open banking as follows:

"Open banking, also known as 'open bank data', is a financial model where consumer banking, transaction, and other financial data is opened for access to third-party providers (TPPs) via application programming interfaces (APIs)."

Aeropay provides this graphic to explain open banking:

FDX describes open banking as follows:

"Open Banking allows consumers to better manage their financial lives. They have direct access to and can more securely share their data. For financial institutions, open banking enables safe data sharing across the ecosystem to enhance product offerings, streamline new customer onboarding, and improve the overall experience." And, "Open banking benefits consumers, small businesses, large corporations, capital markets, and wealth management."

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