BANKING AFFAIRS

Detailed explanation-1: -Open banking is a banking 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 application programming interfaces (APIs).

Detailed explanation-2: -Open banking refers to a new-age banking practice that provides TPPs open access to consumer data, financial transactions, and other financial data from banks and non-banking financial institutions using application programming interfaces (APIs).

Detailed explanation-3: -Customers can look for a mortgage more easily, banks can find customers matched to a new product, and businesses can share data with their accountants. This, in turn, will improve efficiency and stimulate innovation.

Detailed explanation-4: -Security is at the core of open banking. Now all the third-party payment service providers must meet the highest security standards to operate in the market. Open banking has also brought more transparency to the banking industry since more players share data, and security features are more widely standardised.