What Is Open Banking?

Open banking is transforming financial services by allowing customers to share data and access new products through secure APIs. From BBVA and JPMorgan Chase’s developer portals to fintechs like Plaid and Chime, open banking enables innovation but also introduces new risks. This article explains how APIs work in banking, the rise of Banking-as-a-Service, the evolution of fraud prevention, and the stages of maturity banks go through as they adopt open banking.