| Concept | Authors |
| Open Banking emerges from protocols that define how software components communicate with each other. APIs are crucial in this process, enabling one company to easily access data collected by another company and are defined to strengthen interoperability among different participants and facilitate the exchange of data flows. | |
| PSD2 gives customers ownership of their data, and Open Banking allows third-party providers and bank API developers to emerge, thereby promoting innovative solutions for the financial sector. | |
| Open Banking can maximize customer benefits through the sharing of financial data, but it also poses many challenges and difficulties, such as differences in data management between banks, financial companies, and individuals. Concerns regarding privacy prevent users from sharing and exchanging data with interested parties. | |
| The Open Banking model provides an example of technological and legislative innovation in the financial services sector, representing a globally coordinated process of change that benefits consumers and other stakeholders. | |
| PSD2 prioritizes the development of the payment services market based on data sharing, considering strict regulations on bank account security and user privacy. | |
| Open Banking is a system that allows users to share data securely between different banks, providing a platform that can make personal financial data accessible to multiple institutions while maintaining security. Specifically, third-party server providers use open banking rules and unique standards. | |
| Open Banking is a platform cooperation model that uses application programming interfaces (APIs) to share data between financial institutions and third-party providers to enhance customer experience. In addition to business challenges such as regulations, the biggest problems are data security and privacy protection. Ensuring data security and privacy in the process of sharing data between banks and third parties is the main challenge for Open Banking. | |