Open Banking Flashcards
1
Q
Open Banking. What is it ?
Defined by CMA originally.
A
Established in 2016 by the CMA, Open Banking refers to establishing standards whereby, with customer consent, financial information is made availble by Financial Institutions
to TPPs via APIs
2
Q
What is Open Finance ?
A
Open Finance is a broadening of Open Banking to allow customers to give permission to share data relating to savings, mortgages, insurance, pensions and investments.
3
Q
What is Open Data ?
A
Information on ATM and Branch locations, and product information for Personal Current Accounts, Business Current Accounts (for SMEs), and SME Unsecured Lending, including Commercial Credit Cards. Open Data is data that anyone can access, use or share.
