Open Banking is a system that allows banks and financial institutions to share customer data securely with third-party providers through the use of APIs (Application Programming Interfaces). This sharing of data enables third-party providers to create new applications and services that can be used by customers to manage their finances more effectively.

• Open Banking APIs (Application Programming Interfaces) are a set of protocols, standards, and tools that allow third-party developers to access and interact with banking data and services provided by banks and other financial institutions. Open Banking APIs provide a standardized and secure way for developers to access and use customer financial data, enabling them to create new financial services and products that can improve the customer experience.
• Open Banking APIs have numerous benefits for both banks and customers. Banks can use open banking to offer innovative and personalized services to their customers, increase their customer base, and compete with other financial institutions. Customers, on the other hand, can benefit from a range of new financial services that are tailored to their individual needs, such as budgeting tools, financial advice, and investment management.
• Overall, Open Banking APIs are helping to transform the banking industry by enabling greater innovation, competition, and customer choice.