Open Banking & APIs
Democratizing financial data through standardized API access
Your Progress
0 / 5 completed🔓 Breaking Down Banking Silos
Open banking revolutionizes financial services by requiring banks to share customer data with authorized third-party providers (TPPs) through secure APIs. This shifts control from banks to customers, enabling innovation through competition and creating entirely new categories of financial services.
⚡ The Power Shift
For decades, banks owned customer data and controlled access. Open banking flips this: customers own their data and grant permission to apps. This regulatory framework (PSD2 in Europe, CDR in Australia) forces banks to provide standardized APIs, allowing fintechs to build services that were previously impossible—account aggregation, instant payments, real-time credit decisions, and automated financial management.
Global Market Size
Open banking API market value (2024)
API Calls Daily
Global open banking transactions (2024)
Connected Users
Consumers using open banking services
Cost Reduction
Lower transaction costs vs traditional methods
🎯 Core Principles
Customer Ownership
You own your financial data, not the bank. You control who accesses it.
Standardized APIs
Banks must provide secure, documented APIs following regulatory standards
Licensed Third Parties
Only regulated TPPs can access data, ensuring security and accountability
Explicit Consent
Every data share requires clear user permission with scope and duration limits
💡 Why It Matters
• Innovation: Fintechs can build services without becoming banks themselves
• Competition: Better products emerge when data silos break down
• Convenience: Manage all finances in one app regardless of bank
• Lower Costs: Direct bank transfers cost 90% less than card payments