Open banking is a set of security standards applied by the bank and adopted by third parties (such as companies, institutions, and financial technology companies) that allow an individual to share his bank data by issuing a security certificate with specific powers that allow a third party to obtain your data to provide additional services such as analysis, credit ratings, and others. And this security certificate is the only means to access your account with a validity date of 90 days, renewable with your approval, and you can cancel it from your bank application at any time.

Open banking aims to enable the individual to control his data and give him the right to share it with any other third party.

For more about Open Banking, you can watch this video from the Mala'a team: