Cards and Payments - Part 15 | Understanding Open Banking

#cards #payment #openbanking #paymentprocessing #banking

Hi Everyone , In this video we will look into an new merging concept which is now very popular in the UK and European Markets. It is called Open Banking.
It is a concept that allows financial institutions to share customer data with each other for improving overall efficiency like reducing payment fee and also providing the best value services to the customer.

chapters:
Understanding and Relevance of Open Banking : 00:00:09
Key Terms and Definitions in Open Banking: 00:03:34
Comparing Traditional Banking with Open Banking: 00:09:27
FCA guidelines on Open Banking : 00:12:52

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Links and Image credits:

Latest API Reference can be found at :

Screenshot of the news on open banking :

Link to CMA

Link to FCA guidelines on Open Banking :

[moneisikopo]

Informative video with the illustrations makes easier to follow. Please make more videos on Banking Tech and Fin Tech

[FarazAhmad-flxq]

Hi Saurabh, thank you for this amazing series. You have explained all the concepts in a very clear and easy way. I hope this channel reaches every single person who is working in the fintech industry.
Just one request from my side (which you can obviously reject) is to make a video on how the backend system of a payment network works, i.e. mastercard or visa etc. How requests are routed via directory server, and what are major applications(services) that come into play during an online transaction. Also, some additional information on ACS would be really helpful. 😊
Keep up the great work! Waiting for your future uploads 😃

[deepakchandra]

Thanks Saurabh, Your videos are really very healpful !

[pooagr]

Hi Saurab, thanks for amazing series. They are really very helpful.
One request, if you can give some insights on BIAN - TOGAF- API

[ignatiusmakanyane]

Can we have a virtual meeting? I'm building an Asset Management Firm and I have funds in Deutsche Bank Germany but need to distribute them in 10 various jurisdictions in Africa. I'm particularly interested in the Open Banking Platform. Please advise on your most convenient time and date. I'm based in South Africa.

[sohiniroy]

Hi Saurabh,
Thank you for such an easy videos on payments. I am interested in knowing more about real time payment flow, what are new PISP/AISP in EU and how can payment processes can be improved in a ecommerce/business.

[nihalshetty]

Please create a complete comprehensive list of videos on Open banking just the way you have created videos on payment

[venelinkabakchiev]

Hi Saurabh, thanks for all the content you are putting out. To your question: could kindly delve deeper into Open banking (i.e. APIs, etc.)? That would be great help for us :)

[jyshaikh]

Thank you for your video. This is useful. However I'm still not able to find out the benefit for Bank. ❤

[raginidubey]

Please share information on cross border payments