Jan 20, 2022 
Open Finance is a term increasingly used in the financial services world. However, many industry professionals do not fully understand what exactly it involves and how they can use it. In this article, we will define what Open Finance is and explain how it can be leveraged for businesses.
What is Open Finance?
Open Finance refers to the opening of data to all financial services regardless of their type, unlike Open Banking, regulated by the PSD2 since 2019, which only applies to payment accounts.
The objective of Open Finance is to make financial services more accessible, transparent and efficient for consumers and businesses.
How can Open Finance be used by companies?
Open Finance can be used by companies in many different ways. Here are some examples:
- Process automation: Companies can use Open Finance to automate their business processes. For example, they can automate accounting, payments and money transfers, and retrieve proof of residency or income.
- Improved compliance: Open Finance can help companies comply with financial regulations faster, more efficiently and securely.
- Develop new financial products: Companies can use Open Finance to develop new wealth management experiences, optimize credit approval paths, or deliver innovative banking services
- Increasing transparency: Open Finance can help companies make their financial operations more transparent to consumers and investors.
Conclusion
Open Finance is an opportunity for companies to modernize their solutions, increase productivity, improve the customer experience and decrease risk.
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