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Yes, it is very simple. And yes, it is very legal. Not only is open banking legal, but it’s highly regulated. Let's look at how
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Open banking is not reserved just for experts in the fields of finance, it affects everybody. Better yet, open banking benefits everybody
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All the entities involved in open banking, as well as the rules regarding privacy, data sharing and more, are under strict regulations
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Open Banking and Open API share some commonalities and they work together, but they are not the same thing.
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Are Open Banking APIs accessible to everyone? No – but that’s good! We go into detail about why
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Open banking allows a company to connect with a user’s bank to view the user’s financial data (with the user’s consent, of course)