OPEN BANKING & CX LEADERSHIP FORUM (BERLIN)

• What is Open Banking?

Open Banking is a protected way of sharing customer’s financial information with third-party providers. With customer’s consent, banks can share account and transaction details with third parties through application programming interfaces (API). Open APIs enable exchange of information between the bank and third-party software provider. This helps banks to offer tailored products and services to acquire and retain customers.

For third-party service providers to be fully authorized to use Open Banking APIs, they must be registered under one of or both of the following:

AISP– Stands for Account Information Service Provider

PISP– Stands for Payment Initiation Service Provider

• What are Open APIs?

Open APIs expose a range of data to third-party financial service solution providers. They enable third-party developers to build applications and services around the financial institution.
These APIs are designed to support Open Banking regulations. Through the adoption and deployment of APIs, banks can extend and enhance their native services and offerings. Banks can rapidly advance their digital transformation agenda in the Open Banking world by leveraging third-party applications and service ecosystems that are enabled by API