Open banking

The benefits of Open Banking

In today's digitalised world, access to financial information and financial services is crucial for both individual and societal success. Open Banking is a significant part of the future where we strive for increased accessibility, transparency, and control. The ability for account holders to share their banking data with third-party actors brings numerous benefits for individual consumers and society as a whole.

Open Banking with Roaring

For us at Roaring, Open Banking is about enabling safer and smarter customer onboarding processes. It minimises risks and provides valuable insights to our clients across various industries. By giving users full control over their data and simultaneously facilitating our clients to easily verify or get a financial snapshot of a company or 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 easily and securely verify their accounts, allowing third parties to access basic account information such as account numbers and balances. After the account holder’s approval, more detailed information, including transaction history, can also be made available to third parties, which can be useful for financial planning or risk modelling.

This availability stems from an EU directive requiring banks to offer the possibility of Open Banking. The account holder should have full control over their own financial data, and third-party actors can access the information, provided that the account holder has initiated a process where it is required and approved the availability.