Open Banking
Open banking is a system that allows banks and financial institutions to securely share your financial information with third-party companies, but only with your permission. Here’s a simple breakdown:
- Sharing Your Data: Open banking lets you decide to share specific banking information, such as transaction history or account balances, with other companies.
- Third-Party Access: These companies might be financial apps, budgeting tools, or even other banks, using your data to offer new services or provide valuable insights.
- You’re in Control: You choose which data to share and with whom. You give explicit permission for access, and you can withdraw it at any time.
- Improved Services: Open banking encourages innovation, allowing companies to develop new tools and services to help you manage your finances more effectively.
- Security: Your data is safeguarded by robust security measures. Both banks and third-party providers must comply with strict regulations to ensure your information remains secure.
In short, open banking is designed to make managing your money easier and more convenient by enabling different services to work together and offer more personalised and helpful tools.
In our case, this is mostly used when going through the Enhanced Due Diligence process, instead of having to go back and forth, requesting bank statements for different dates, we'll be able to view all the necessary information, making the process quick and easy for both the player, and the Enhanced Due Diligence Team.