What is open banking?
Open banking is a UK standard that gives you ownership of your financial data and allows you to securely share it across banks, fintechs, and other regulated providers.
Traditionally, banks have always kept their customers’ financial data in their own internal systems, which made it difficult for customers to manage their money across multiple platforms and apps. Today, regulation in the UK and EU requires banks to allow third parties to access to customer data via API, where the customer has consented to it.
Open banking gives you greater control over your account data and more flexibility and choice in how you access financial services. Open banking regulations help make sure your data is protected and can only be shared with providers who comply with minimum security standards.
More in Open banking
All FAQ collections
- About Griffin · 9 answers
Learn more about Griffin, our regulatory status, and the types of customers we support.
- Verify · 14 answers
Learn more about Verify, our automated KYC/KYB onboarding solution for fintechs.
- Sandbox · 8 answers
Our sandbox is available to everyone, free forever, and can be used to trial our products and build test integrations.
- Bank accounts · 12 answers
Learn more about the different types of bank account we offer.
- Interest and commission · 16 answers
Learn more about how interest and commission work at Griffin, when you can expect to be paid, and how we manage rate changes.
- Billing · 5 answers
Find out more about our fees and charges, how to access your payment history, and more.
- Griffin app · 16 answers
Get help with setting up security features, managing your organization, and integrating with third parties.
- Payments · 11 answers
Find out what payment types we support, our payment limits, and Confirmation of Payee.