What is open finance? Open banking's next step, explained
By SendPay Business · · 2 min read
Open finance is the idea of letting people securely share data from all their financial products, not just their bank accounts, with apps and services they choose. It builds on open banking, which already lets customers share current account data and start payments through approved apps.
What it covers
Where open banking focuses on payment accounts, open finance aims to cover savings, mortgages, loans, pensions, investments and insurance too. The customer stays in control and must give consent before any data is shared.
What it could make possible
- One app showing all your savings, pensions and investments together.
- Faster, fairer lending decisions based on your full financial picture.
- Easier switching between providers of insurance, savings or mortgages.
- Better tailored money advice and budgeting tools.
Where the rules stand
Open finance is still being built. In 2023 the European Commission proposed a Financial Data Access regulation, known as FiDA, to set up open finance across the EU, and the UK has been working on how to extend open banking to other products. Rules and timelines differ by country, so check the latest position where you operate.
Where SendPay fits
SendPay lets you launch your own branded money app with GBP, EUR and USD accounts, transfers, cards and payment links, powered by licensed partners. It is the kind of product customers may one day connect to open finance services.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.