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Open banking is a financial services term within financial technology. It refers to:

1. The use of open APIs that enable third-party developers to build applications and services around the financial institution.

2. Greater financial transparency options for account holders, ranging from open data to private data.

3. The use of open source technology to achieve the above.

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This has been revolutionary here in Norway. We have gotten a lot of third party banking apps that lets you manage all your banking across differenta banks in one app etc. it has also forced a lot of the older banks to step up their online services, due to competition

Canada is still working on Open Banking. I think it will definitely force institutions to step up their game once it is implemented.

https://www.canada.ca/en/financial-consumer-agency/services/...

I'm sensing that Abraham Tachjian (Canada's Open Banking lead) is going to speed things up this year.

Thank you. The post author seemed to assume every reader should have known this

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