Briefing
Open Banking: A Critical Piece in the Future of Financial Services
Abstract: Open banking enables consumers to securely share data from their bank accounts with third-party service providers. By using application programming interfaces, open banking facilitates innovations such as Pay-by-Bank payments, instant bill payments, and cash-flow-based lending. While regulatory efforts are underway at both federal and state levels, technological and operational barriers and a lack of standardization continue to challenge widespread use of open banking in the United States.
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https://www.kansascityfed.org/research/payments-system-research-briefings/open-banking-a-critical-piece-in-the-future-of-financial-services/
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Provider: Federal Reserve Bank of Kansas City
Part of Series: Payments System Research Briefing
Publication Date: 2026-08-03
Pages: 5