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Open Banking Glossary

Open banking is changing finance by opening up the industry and putting power into the hands of consumers. Yolt is proud to be a driver and architect of this change, empowering businesses, financial institutions and Fintechs to drive technology forward and serve their customers in new and innovative ways.

To help you find your way through what may seem like a jungle of new ideas, we’ve created our Open Banking Glossary: An A-to-Z of open banking terminology.

Open Banking Basics

The concept for open banking was born in 2015, when the EU and UK decided that there was a need for greater competition in the payments industry. The objective was twofold: Increase opportunities for Fintechs and other non-banks to participate; and by doing so, increase transparency, choice and security for consumers. Giving consumers more control is at the crux of open banking. One of the core pillars mandates that consumers should be able to easily and securely share their banking data with registered third parties.

In Europe, open banking was put into law through the Revised Directive on Payment Services (PSD2). In the UK, it was driven by the Competition and Markets Authority (CMA), which required the 9 largest banks in the UK and Northern Ireland to develop and share their banking APIs with other banks and Third-Party Providers.

Both PSD2 and the Open Banking came into force on 13 January 2018.


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