Open banking APIs (Application Programming Interfaces) provide a secure and standardized way for different financial institutions to share data with each other and with third-party developers. This data can include real-time financial information such as account balances, transaction histories, and other financial data.
By using open banking APIs, consumers can access their financial information in real-time from a variety of different sources. For example, a consumer could use an app that aggregates data from multiple banks to view their account balances and transaction histories in one place.
Open banking APIs can also be used to enable real-time payments and other financial services. For example, a consumer could use a third-party app to initiate a payment directly from their bank account, without the need for a separate payment gateway or other intermediary.
Overall, open banking APIs can provide consumers with more control and visibility over their finances, and enable them to access new and innovative financial products and services in real-time.
Fable Fintech creates customizable international remittance SaaS solutions / white-label money transfer software / open banking APIs / white-label global payments platforms (SaaS/PaaS)/ Forex rate systems for banks and financial institutions. Fable Fintech also provides cross border B2B, DTC remittance solutions for businesses along with Fx rate systems. Learn more about cross-border remittances and international payment technology on Fable Fintech's cross border payments blog