1.3 The Key Elements of Open Banking

We show the nature of the APIs that enable third parties to access customers' data and initiate payments on theirbehalf. The concepts behind the consent mechanisms that ensure that access and payment are only made underinformed consent of the user are described. First use cases that employ these APIs are offered giving a first insighthow payments and banking will change. Some timelines and international perspectives are shared on how OpenBanking is currently conquering the world.