Open Banking covers the provision by Banks of APIs to access Bank Accounts. It often seen as a new “Channel” on top of Branch, Telephony, Online and Mobile access to Bank Accounts.
In Europe, Payment Services Directive 2 mandates the provisioning of APIs by European Banks so as to increase competition in banking and to enhance security and protection for customers.
In the UK the CMA has also mandated the 9 Largest UK banks to implement a common standard under OBIE – the Open Banking Implementation Entity