Technology Architecture and Best Practices for Enabling Financial Data Portability
Open Banking is the enablement of financial data portability across the financial services ecosystem by unifying technical infrastructure and standards that define how, when, and what data is shared between parties.
Open finance facilitates a greater level of control for consumers over their financial data. It also underpins an innovation landscape for companies to provide new products & services to meet evolving consumer needs.
All these new products and services are delivered through APIs. APIs allow third parties to securely pass data between systems and provide a better customer experience.
Simply put, Open Banking is “the evolution of the kind of API-based integrations that organizations have been building for decades.” – Eyal Sivan, Mr. Open Banking
We’ve developed this resource to help technical teams adopt an Open Banking approach by explaining a high-level solution architecture that is organization agnostic.
We also explore technology best practices that we believe will increase the chances of a successful Open Banking adoption journey.
The forecasted growth of API calls generated by Open Banking by 2027. 1
95% Of Small Business Owners
Consider themselves to be heavy users of fintech for both personal and business needs.2
In global Open Banking payments by 2027. Adoption will be driven by Bill Payments + E-commerce integrations.3