The meaning of Open Banking is known as Open Banking data. Open Banking is a financial technology concept that refers to the usage of open APIs that allow third-party developers to build applications and services around the financial institution. Account users will have more financial transparency choices, varying from open data to private data.

Consumers, financial institutions, and third-party service providers will be able to network accounts and data across institutions for usage by consumers, financial institutions, and third-party service providers. Open Banking is poised to transform the banking industry as a key source of innovation.