Open banking describes a new era in financial services, in which individuals and businesses now own their financial data and are free to share it with third parties. This helps bring competition to the market but also helps banks create new products and new revenue streams. Read our blog post here touching on the wider applications.
'Open banking' is also used however to colloquially identify the Open Banking Implementation Entity (OBIE). This is the UK-specific entity that the Competition and Market Authority charged with setting standards for PSD2-compliant technology at the nine biggest banks. As one of the world's first instances of government-sponsored API initiatives, the standards and processes it has established are proving influential globally. Visit the OBIE’s official website.