Open banking Definition.
The opening of payment accounts to licensed third parties through APIs, mandated by PSD2: account information services (AISPs) and payment initiation services (PISPs). Banks must provide dedicated, high-performing interfaces under regulatory oversight. The upcoming EU framework (FIDA and the PSD3 package) is set to extend data sharing beyond payments, into savings, credit, and insurance, toward open finance.
See also
Where this term appears
GuideMerchant, acquirer, PSPGuidePayment regulationGuidePayments in ItalyGuideLuxembourg and Europe’s licensing hubsGuidePayments in the UKGuidePayments in SwedenGuidePayments in SwitzerlandGuidePayments in TurkeyGuidePayments in Ukraine and the CaucasusGuidePayments in CanadaGuidePayments in the USGuidePayments in Oceania and Canada