Open banking

Open Banking is an emerging term in financial services / financial technology that refers to:

1) The use of Open APIs that enable third party developers to build applications and services around the financial institution.

2) Greater financial transparency options for account holders ranging from Open Data to private data.

3) The use of open source technology to achieve the above.

The Open Bank Project was set up to address these aims. Open Banking concept could be considered as a subspecies to the Open Innovation concept, a term promoted by Henry Chesbrough.