finance
monthly
Personal Finance. Money. Investing.
Contribute
Newsletter
Corporate

What Are the 3 Principles of Open Banking?

Posted: 16th January 2018 by
Experian UK Business
Share this article

There are three core principles for Open Banking. This video explores those three principles and talks about the risks and opportunities involved.

The 3 key principles of Open Banking are:

1. Real time sharing of data, including statements and transactional data

2. Real time initiation pf payments, that allows other organisations to initiate payments for you

3. Information of products and services that allows comparison

Open Banking brings opportunities to work with new organisations and provide consumers new and innovative solutions but also creates new compliance and governance questions to ensure that organisations can protect consumers' privacy and support consumers to get the value out of their data.

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram