Word.ws English Dictionary

open banking

open banking noun: third party API access to a consumer's banking data in order to create new services and products.

Noun

open banking (uncountable)

  1. Third party API access to a consumer's banking data in order to create new services and products.
    • It’s the start of a new series of rules concerning “open banking”, where customers will be able to share their personal financial information with companies other than their bank, opening up opportunities to get better deals on mortgages, overdrafts and comparing insurance and broadband deals.2018 January 8, Shane Hickey, “‘Open banking’: radical shake-up, or a threat to your private data?”, in The Guardian
    • “Everyone’s getting very excited about fintech and open banking and all this new technology but the fact is … this actually risks more people being excluded from the financial system,” McAteer said.2019 November 11, Kalyeena Makortoff, quoting Mick McAteer, “Banking tech could lead to discrimination, says ex-regulator”, in The Guardian

Questions about open banking

What does open banking mean?
Open banking means third party API access to a consumer's banking data in order to create new services and products.
What part of speech is open banking?
Open banking is a noun.

Words near open banking in the dictionary

  1. open and shut cases
  2. open assembly time
  3. open assembly times
  4. open ball
  5. open balls
  6. open banking
  7. open bar
  8. open bars
  9. open beta
  10. open betas
  11. open bite

Source and license

Adapted from Wiktionary: open banking (page history and authors). Text available under the Creative Commons Attribution-ShareAlike 4.0 license. Word.ws reformatted the entry and added links. Wiktionary data of 2026-09-02.

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Cite this entry: “open banking.” Word.ws, https://word.ws/open_banking. Based on Wiktionary, CC BY-SA 4.0.