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What is open finance? Open banking's next step, explained

By SendPay Business · · 2 min read

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  1. Pick who to pay and type the amount
  2. Tap send and it is on its way
  3. It lands in their account

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.

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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.

Try it

Name your platform and watch it come to life

Type a name, tap a colour and pick what it does. The phone changes as you go.

Colour

What it does

Build mine

Design and preview your whole platform free, then launch when you are ready.

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.

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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.

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How it works

Your own money app
  1. Name it and pick your colours
  2. Choose what it does
  3. Launch when you are ready

Why sign up

Create your free SendPay account

It's all about creating your own financial platform with ease. Start with a free account today.

  • A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
  • Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
  • A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
  • Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
Create a free business account Create a free websiteStart building your platform

SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

Could taking bank payments cost less than cards?

Compare card fees with pay by bank.

Pay by bank savings calculator →
What is open banking?

The account-data and payment rules open finance builds on.

Open banking →
What is embedded finance?

Financial services built into non-financial apps.

Embedded finance →
Can I launch my own money app?

Yes, with accounts, cards and payments.

See platforms →

Read next

Spotted a mistake or something out of date? and we'll fix it. How our guides are made

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. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.