The benefits of Open Banking
Open Banking and the PSD2 directive enable greater accessibility, transparency and control by allowing account holders to share their banking data with third-party providers. This helps create a more open and secure financial environment for both individuals and society as a whole.
Open banking with Roaring
At Roaring, Open Banking is about enabling safer and smarter customer onboarding processes. It reduces risk and provides valuable insights to our customers across a range of industries. By giving users full control over their data, while also making it easier for our customers to verify or gain a current financial view of a business or an individual, we can offer a more comprehensive solution.
One of the key features of Roaring’s Open Banking API is the ability for bank customers to verify their accounts easily and securely, allowing third parties to access basic account information such as account number and balance. With the account holder’s approval, more detailed information, including transaction history, can also be made available to third parties, which can be useful for areas such as financial planning or risk modelling.
This availability is based on an EU directive requiring banks to offer Open Banking. Account holders must have full control over their own financial data, and third-party providers may access that information provided that the account holder has initiated a process where this is required and has approved the sharing of that data.
