Lesson 1 · Foundations · Both · 18 min
Open Banking Foundations
Why open banking exists: competition, customer control, and standardised APIs replacing screen scraping.
Objectives
- ▸Explain the policy goals behind open banking
- ▸Contrast screen scraping vs regulated APIs
- ▸Name the main roles: ASPSP, AISP, PISP (and India AA analogues)
- ▸Identify product use cases that truly need open banking
Customers’ financial data historically lived in bank silos. Aggregators scraped online banking—fragile and risky. Open banking mandates or enables standardised, consented API access so third parties can build insights, payments, and competition on top of bank accounts.
Key terms
Open bankingASPSPAISPPISPSCAScreen scraping