What is open banking?

What is open banking?

Open banking is a technology that lets you pay for goods and services instantly. But more importantly, open banking gives you more control over how you manage and spend your money. 

How does open banking work?

Open banking works thanks to Application Programming Interfaces, better known as APIs. Essentially, they allow your bank to send your details to online providers in just a few steps. 

What are the benefits of open banking?

Firstly, you can use open banking to make faster payments. So, instead of entering your bank details each time you send money overseas, you can fetch them quickly from your online bank account. pen banking is a fantastic option if you need to send urgent, instant bank transfers. 

Even better, there are no additional fees or forms to fill out. 

Secondly, open banking gives you a better picture of your finances. For example, imagine you’re looking for a new car insurance provider. By sharing your details with a comparison app through open banking, you let the app analyse your income and outgoings. That way, you can save time and money by receiving better car insurance quotes tailored to your individual circumstances. 

Is open banking safe?

Yes. Open banking uses secure technology like MasterCard SecureCode and Verified by Visa  – just like major banks and financial companies. In addition, open banking only shares information with your permission. 

And as an extra layer of protection, only apps and websites regulated by the FCA (or European equivalent) can use open banking.

Using open banking to send money overseas

You can send money overseas with Azimo from over ten countries using open banking. These countries include: 

What’s more, Azimo is working hard to add more countries to the list. 

Simply choose instant bank transfers or Trustly (our open banking partner) as your payment method when you setting up your transfer. 

From there, log in to your online bank account and pay for your transfer.