Mon. Jul 6th, 2020

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

The Open Banking Standard

3 min read
Open banking system

There is no doubt the Open Banking gives customers great transparency in choice when it comes to managing their finances. Open Banking aims to re-energize banking by making easier for customers in small to medium-sized businesses to get access on their transaction data. Open Banking gives consent to regulated third parties to securely proceed with transactions and payments online.

Open Banking is an exciting new development aiming to improve competition and innovation in the banking industry. It can transform the way customers apply for credit by enabling individuals and businesses to share their bank transaction data seamlessly and securely online, without having to fill out paperwork, scan their data or provide information manually every time.

Open Banking has the ability to transform the online credit application process- helping both individuals and businesses to use their financial transaction data to access and compare products more easily.

There is no doubt the Open Banking provides the customer’s transparency in choice when it comes to managing their finances.  The additional data available can allow companies to develop new more-tailored products that will help in services.



Open Banking fundamentally is about driving competition into the provision of financial services for consumers and for businesses. Three principles underpin it.

  • The real-time sharing of transaction data, that is, the bank statements.
  • The real-time initiation of payments. So, at the moment you might pay for something through your debit card or credit card. Open banking will open up the market to other organizations to initiate payments for you.
  • It is the provision of information on products and services and in association with that customer service levels and to enable comparison between products and services to take place.

The idea is that it enables new services to come to market provided by new organizations outside of the established banks to service customers in relation to a whole variety of different, potentially new services that customers can consume.


There will be various changes but fundamentally, it is about opening up access to your transaction information to organizations that previously you would not have shared this data with. In association with that, there is a whole range of new compliance and governance issues that need to be looked at and addressed to help protect the interests of consumers. Therefore, to sum it up, Open Banking looks for the issues of security, of governance to understand what is happening to your data. It helps consumers extract value from the data as many customers just do not understand the value that could be associated with their transactional information. Moreover, qualifying of those individuals to make sure that the organizations who are sharing data are bone fide organizations and have the right governance and security processes in place to safeguard the interests of consumers qualifying that the customer who is agreeing to share their data is who they say that they are.

Open Banking is a structure under which banks open up their application programming interfaces (APIs), allowing third parties to access financial information that is needed to develop new applications and services and providing account holders greater financial transparency options.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.