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UK Open Banking is a regulatory framework that allows customers of banks and other financial institutions to share their financial data securely with third-party providers through Application Programming Interfaces (APIs). The aim is to encourage competition and innovation in the financial sector by enabling customers to share their data with other financial service providers, such as budgeting apps, payment providers, and investment platforms. Open Banking is a key part of the UK’s wider Open Data strategy, which aims to make government and public sector data more accessible and transparent to the public.

The main difference between Open Data and Open Banking is that Open Data refers to any data that is publicly available and can be freely accessed and used by anyone, while Open Banking refers specifically to the sharing of financial data between banks and third-party providers. Open Data can include a wide range of data sets, such as weather data, transport data, or health data, whereas Open Banking is focused on financial data, such as bank account balances, transactions, and payment data.

Both Open Data and Open Banking use APIs to enable data sharing and to provide access to data in a structured and secure way. Open Data APIs allow developers and researchers to access and use various government data sets, while Open Banking APIs enable third-party providers to access customers’ financial data with their consent.

UK Open Banking uses APIs to allow customers to share their financial data with third-party providers in a secure and standardized way. The Open Banking Implementation Entity (OBIE) has developed a set of open APIs that all participating banks and third-party providers must use to ensure consistency and security. The APIs enable third-party providers to access customer data, initiate payments, and perform other financial transactions on behalf of customers.

Open Banking PSD2 Sandboxes are test environments that allow third-party providers to test their products and services against the Open Banking APIs before they go live. The sandboxes provide a safe and controlled environment for testing and allow third-party providers to ensure that their products and services are compatible with the Open Banking APIs and meet the necessary security requirements.

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