Cards and Payments - Part 15 | Understanding Open Banking

#cards #payment #openbanking #paymentprocessing #banking

Hi Everyone , In this video we will look into an new merging concept which is now very popular in the UK and European Markets. It is called Open Banking.
It is a concept that allows financial institutions to share customer data with each other for improving overall efficiency like reducing payment fee and also providing the best value services to the customer.

chapters:
Understanding and Relevance of Open Banking  : 00:00:09
Key Terms and Definitions in Open Banking: 00:03:34
Comparing Traditional Banking with Open Banking:  00:09:27
FCA guidelines on Open Banking : 00:12:52

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Latest API Reference can be found at :
https://openbankinguk.github.io/read-...

Screenshot of the news on open banking :
https://www.uktech.news/fintech/open-...

Link to CMA
https://www.gov.uk/government/organis...

Link to FCA guidelines on Open Banking :
https://www.fca.org.uk/consumers/acco...