open-banking-api

What is Open Banking?
Open Banking is a system that allows customers to share their financial data with other regulated third-party service providers, through a collection of rules or code built into applications called API; that lets software communicate with one another. Thanks to APIs, smooth data exchange between parties is possible. Third-party developers make use of shared customer data to enhance service offerings and user experience, by providing better and more customized features that best cater to the individuals’ needs. For e.g. Uber’s use of Google Maps’ open APIs allowed it to incorporate maps into its application