Quick meaning
A system allowing third-party apps to access your bank data with your permission, enabling personalised financial services.
Think of it like this
Like giving a financial advisor read-only access to your accounts so they can give better advice.
Where you may see this
You may see this in banking apps, checkout screens, delivery updates, and digital payment instructions.
Why it matters
Knowing the term helps you pay safely, understand what a screen is asking for, and avoid costly mistakes.
Say it simply
Open Banking means: A system allowing third-party apps to access your bank data with your permission, enabling personalised financial services.