__Open Banking__ is a financial services term as part of financial technology that refers to the Open Banking Working Group (OBWG) - wikipedia 
Open Banking - setting the standards that put the customer in control of their finances.
- org.uk
Open Banking is a financial services term as part of financial technology that refers to:
1. The use of Open APIs that enable third party developers to build applications and services around the financial institution. 1. Greater financial transparency options for account holders ranging from Open Data to private data. 1. The use of open source technology to achieve the above.
Open Banking, as a concept could be considered as a subspecies to the Open Innovation concept, a term promoted by Henry Chesbrough.
It is linked to shifts in attitudes towards the issue of data ownership illustrated by regulations such as General Data Protection Regulation and concepts such as the Open data movement.
# History
The Second Payment Services Directive (PSD2) came into force in the UK on 13th Jan 2018 though by this time, five of the nine regulated banks had applied for and been granted extensions in implementing the mandated changes.
In August 2016, the United Kingdom Competition and Markets Authority (CMA) issued a ruling that required the nine biggest UK banks to allow licensed startups direct access to their data down to the level of transaction account transactions - wired.co.uk
On October 2015, the European Parliament adopted a revised Payment Services Directive, known as (PSD2). The new rules included aims to promote the development and use of innovative online and mobile payments through open banking - europa.eu
# Critisisms
Support for the concept is not unanimous. Mick McAteer, of the UK Financial Inclusion Centre, thinks that only the tech-savvy will benefit. He says that Open Banking is "a daft idea", which will lead to more financial exclusion for those on low incomes.
He says it is naïve of regulators to expect consumers to own their data and be able to get better deals from banks, and points out the danger of consumers being exploited, either by businesses offering new types of expensive payday loan, or misuse of data and personal information that people have revealed in places such as social media - bbc.co.uk
# Open Banking | TrueLayer
Understanding the UK initiative that aims to allow for open data access and standardised technical specifications across the finance industry.
TrueLayer is working with financial institutions across the UK to provide easy access to the OpenBanking platform- truelayer.com
# Links
- Open Banking | TrueLayer - truelayer.com
# Open Bank API portal | API Catalogue
# Open banking in the UK and France – The ODI
# The Global Open Banking Snapshot Report – The Bud Publication
# 11 Banks and FinTechs Doing APIs Better Than You - 11:FS
By 2018, European banks must open up their data through APIs.
But some banks won't wait that long- 11fs.com
By 2018, European banks must open up their data through APIs. But some banks won't wait that long. Here are 11 banks and FinTechs doing APIs better than you
- 11fs.com
Here are 11 banks and FinTechs doing APIs better than you
# Links
- 11 Banks and FinTechs Doing APIs Better Than You - 11:FS - 11fs.com
# Swedbank’s Open Banking Sandbox attracts 1000+ developers | Invest Lithuania
# CENTROlink | Bank of Lithuania
Our mission is to bring benefits to society while seeking to foster a reliable financial system and ensure sustainable economic growth- lb.lt
# Links
- CENTROlink - www.lb.lt
# Open Banking - Swedbank
Swedbank Open Banking is an API platform for developers, fintechs and innovative companies for building the next generation of digital services together with us- swedbank.com
# Links
- Open Banking - Swedbank - www.swedbank.com
# API - Mistertango
Effortless mass payment with Mistertango API.
Manage your payment account directly from ERP or any other software- mistertango.com
# Links
- API - Mistertango - mistertango.com
# See also