

Open banking is a system where banks share customer-approved financial data with third-party providers through secure APIs, enabling new financial products, services, and integrations.

Customers consent to share specific data such as account balances or transaction history. APIs allow authorised providers to access this data securely. While open banking is mature in some regions, India is gradually moving toward similar frameworks through regulated data-sharing initiatives.
Open banking promotes innovation, competition, and personalised financial services. It enables better financial insights, automation, and interoperability between platforms while keeping customer consent at the core.
For businesses, open banking-style integrations can improve data visibility and automation. Platforms that integrate securely with banking systems help reduce manual processes and improve financial accuracy.