Open Finance
Description
Tools for the Commons:
"Open finance emerged as a successor to the open banking movement, which refers to the practice of enabling third-party financial service providers to access and leverage consumer banking, transaction, and other financial data through application programming interfaces (APIs).
A clear paradigm shift for the financial industry, which aims to increase competition, foster innovation, and provide consumers with more personalized financial products and services.
Key elements of Open Finance include interoperability, transparency, and consumer control; with interoperability allowing systems and platforms to seamlessly interact and exchange data, transparency ensuring clear and open disclosure of data usage and sharing practices, and consumer control empowering individuals to grant or revoke access to their financial data."