What are the benefits of Open Banking?
Open Banking enables consumers to control their financial data, meaning that consumers can share it with licensed and regulated businesses as they wish, oftentimes exchanging it for new services or a more convenient digital experience.
This opens up access to financial data, enabling innovation and increasing competition in the financial services industry. Payment data access is processed within a reliable and secured system, compliant with regulatory licenses, adhering to the EU directives. Businesses can leverage the access to financial data to improve their offering with a unique, personalized experience, and offer new services that havenâ€™t been possible before. Open Banking also allows solving different persisting or recurring problems that customers might go through.