What is Open Banking?

Open Banking is a term referring to the opportunity for a third-party solution – an application, for example – to cover processes at a bank.

Why use Open Banking?

If a bank opens up its APIs for the market, anyone can develop third party solutions that can support processes at a bank that can replace the payment solutions of the future.

With the help of the open APIs, this may lead to customers having greater options when it comes to selecting applications and solutions for handling various processes linked with banking, irrespective of who they bank with.

How is Open Banking and Compello working together?

It is important for Compello to adapt to new technology and to keep up with the payment solutions selected by consumers. Therefore, we want to carefully monitor the applicable standards and requirements for such solutions and to focus on being able to supply good solutions using the underlying infrastructure.

Relevant terms: API | PSD2 | FinTech