The concept of open banking has been around since the 1980s; however, widespread adoption is just beginning to occur in the US. Open banking provides benefits for both consumers and businesses and is bound to change the financial services realm for decades to come.

In this article, we will cover everything you need to know about open banking, including:

• The use of digital payments in open banking
• What is the difference between PSD2 and open banking? • What does open banking mean for data privacy laws?
• How efficient is open banking?
• The future of open banking