What is open banking?

Open banking lets customers securely share their banking data with approved outside companies through APIs. With the customer’s permission, a budgeting app or a lender can see account data directly, enabling services a single bank could not offer alone.

For decades a bank’s data stayed locked inside that bank. Open banking pries it open, safely and with consent, so new tools can plug in: smarter budgeting, faster lending decisions, payments that skip the card networks.

It shifts power toward the customer, who can finally let their own data work for them across services rather than being trapped in one institution.

Sthenos builds the secure, API driven systems open banking depends on across financial services.

Related terms: core banking system, digital onboarding, KYC.

Is open banking safe?

It is built on consent and secure APIs. Data is only shared with approved providers, and only when the customer agrees.