Fintech
Open banking
The UK system that lets customers securely share their bank data, or start payments from their bank account, with authorised third-party apps, through standard APIs.
A plain-English explanation, not financial or tax advice. Rules and rates change, so check your own situation. For free, impartial guidance, try MoneyHelper. Disclaimer.
You'll hear it as
With open banking, the budgeting app reads your transactions directly from your bank.
Why it matters to you.
It's why a new app can check affordability or take a payment without card details. Access is regulated and needs the customer's consent.
Related terms.
Videos.
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