Open Banking

Open banking refers to access to a customer's account data by a licensed third-party provider, with their explicit consent. It rests on the second European payment services directive (PSD2), which requires banks to expose this data through dedicated interfaces. In concrete terms, it gives access to an account's actual transactions: income genuinely received, fixed expenses, loan instalments, payment incidents, overdrafts. Its value is to substitute observed data for declared data, in order to assess creditworthiness or spot undeclared commitments. Consent is limited in time and revocable, and the use of the data remains governed by the GDPR.