How does open banking work?
Open banking is a system that allows third-party financial services to make payments and securely access customer data from banks through APIs (Application Programming Interfaces).
Customers grant explicit consent for data access, promoting competition and innovation. Third-party developers use this data to create innovative financial products. Strict security measures and regulatory frameworks ensure compliance and protect customer privacy, fostering a dynamic and customer-centric financial services landscape.
At Yaspa, we use open banking to provide fast, secure bank payments that are faster, more secure and more cost-effective than cards.