Open Banking Sandbox

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What is Open Banking?

What is Open Banking

Open banking is a term that is associated with a broad set of initiatives that align to one of these three principles:


Banking customers are empowered as the owners of their financial data.

Customer data has been traditionally locked in banks’ IT systems, but this practice is changing. Regulations, such as Payment Services Directive (PSD2), are forcing banks to “open up”, enabling customers to easily share data with third parties. This sandbox demonstrates how a bank can expose interfaces aligned with PSD2 using the UK Open Banking or STET API specifications.


Banking products are transparent and easy to compare.

You can understand and compare products only if they are described in a consistent way and the information is easy to access. The first phase of the UK Open Banking initiative, named "Open Data", is an example of initiatives that are targeting this space. In the "Aggregators and Proxies" area of this sandbox you can find APIs that provide a single point of access to financial products of multiple banks.


Multiple parties work together to create new value chains to produce better products and services.

The emergence of financial technology (fintech) and the push of regulators for more competition are disaggregating and opening the banking value chain. In a world of open banking, financial services providers can specialize in one or more sub-steps of an end-to-end process. They can focus on areas that have a clear competitive advantage and leverage the scale and efficiency that partnerships with other players enable.

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