Open Finance
GeneralDefinition
Open Finance is the extension of Open Banking-like data sharing and third party access to a wider range of financial sectors and products, such as savings, investments, pensions and insurance. It represents the evolution of Open Banking into a broader financial data ecosystem.
Related Terms
Frequently Asked Questions
What is Open Finance?
Open Finance is the extension of Open Banking-like data sharing and third party access to a wider range of financial sectors and products, such as savings, investments, pensions and insurance. It represents the evolution of Open Banking into a broader financial data ecosystem.
What does Open Finance stand for in Open Banking?
Open Finance is a key term in the Open Banking ecosystem. Open Finance is the extension of Open Banking-like data sharing and third party access to a wider range of financial sectors and products, such as savings, investments, pensions and insurance. It represents the evolution of Open Banking into a broader financial data ecosystem.
More General Terms
Open Banking Ecosystem
The Open Banking Ecosystem refers to all the elements that facilitate the operation of Open Banking....
Open Banking Services
The Open Banking services provided by Open Banking Limited to Participants, including but not limite...
Participant
An API Provider, API User, ASPSP, or TPP that currently participates in the Open Banking Ecosystem. ...
PSU
Payment Services UserA Payment Services User is a natural or legal person making use of a payment service as a payee, pay...
Smart Data
Smart data is the secure sharing of customer data with authorised third-party providers (TPPs), at t...
SME
Small and Medium-sized EnterprisesSmall and medium-sized enterprises by scale of business, as defined by the CMA, with a turnover less...
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