Sector
Financial technology: payments, lending, banking infrastructure, wealth management, and crypto rails.
Open Banking
APIs enabling third-party access to banking data and services
The field
At a glance
Definition
APIs enabling third-party access to banking data and services
Technologies
Standardized bank APIs enable account data access, payment initiation, and identity verification. Financial data aggregation normalizes data across institutions. Consent management ensures compliant user authorization. Payment initiation services enable direct bank-to-bank transfers. Identity verification uses bank data for KYC purposes.
Applications
Account aggregation provides consumers with consolidated views across all financial accounts. Affordability assessment uses bank transaction data for lending decisions. Payment initiation enables direct bank transfers for e-commerce. Income verification uses bank data for mortgage and rental applications.
Market and funding
Open banking enables secure sharing of financial data between banks and third-party providers through APIs. With 1 funder. Regulatory mandates (PSD2, open banking rules) drive adoption.
Next door
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