Open banking, a relatively new concept in finance, is rapidly gaining momentum. Previously, traditional banks held an exclusive monopoly over customer data. In Europe, this was ended in 2018 with the PSD2 regulation. It mandated banks to share information with licensed third-party providers, strictly with customer consent, of course. The data sharing happens via secure APIs, which act as a bridge between different software.Open banking payments increase in adoptionThe key benefit of open banking is its potential to improve online payment processing for customers and merchants. Open banking enabled the new payment method referred to at Noda as “pay-by-bank.” It’s an account-to-account (A2A) t
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