 | This article possibly contains original research. (June 2024) |
Open Finance is the concept and practice of sharing financial data securely with third-party service providers through Application Programming Interfaces (APIs).[1] It builds upon Open Banking principles, aiming to broaden access to financial data beyond traditional banking products and services. This initiative emphasises consumer control over financial data, allowing secure sharing to obtain personalized services, better deals, and innovative financial solutions.
In comparison to Open Banking, Open Finance encompasses a wider range of financial products and services, including banking, investments, pensions, mortgages, loans, cryptocurrency and vehicle valuations.[2]
- ^ Khandelwal, Dilipkumar (14 October 2023). "Open Banking: How does this concept of finance work?". The Economic Times. ISSN 0013-0389. Retrieved 29 April 2024.
- ^ "TrueLayer Blog: What is open finance and how does it differ from open banking?". truelayer.com. Retrieved 29 April 2024.