‘Open Banking’ is a system or standard that determines the method of creating, sharing and accessing financial information through the financial networks. It works on the principal premise of transparency or ‘openness’, promising customers a unbiased, accurate and hassle-free banking experience.
This infographic educates on some of terms frequently used in open banking – at the outset, some terms may seem legible only to banking professionals like Interchange Fee Regulation, or Open API, but as a customer, knowing the alphabet or commonly referred terms will empower you to understand the language of Open Banking.
Alphabets of Open Banking:
Infographic by – Teknospire