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Glossary · Banking

Open Banking

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Definition: Regulated, secure data and payment access between UK banks and authorised third parties, based on the EU PSD2 directive and overseen by the OBIE.

Lets you share account information or initiate payments via authorised providers (budgeting apps, lenders, accounting software) without sharing your login details. All providers must be FCA-authorised.

Primary source: openbanking.org.uk

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