Open finance
Extending open banking's customer-permissioned data sharing beyond payment accounts to savings, credit, investments and insurance.
Open finance extends the open banking model of customer-permissioned data sharing beyond payment accounts to other financial products, such as savings, mortgages, investments, pensions and insurance. The European Commission has proposed a framework for financial data access to do this in the Union, and in the UK the FCA has consulted on open finance and is working on its direction. For agents, open finance would widen what they can see on a customer's behalf, which raises the stakes for permissions, dashboards and minimisation.
Agent Minute explains this term on 29 October 2026.
Related terms
Open bankingCustomers letting authorised third parties access their payment account data and initiate payments through secure APIs.Financial data access framework (FIDA)The European Commission's proposed regulation on customer-permissioned access to financial data beyond payment accounts.Permission dashboardA place where a customer sees and withdraws the data-access permissions they have granted.Data portabilityA person's right to receive their data in a structured, machine-readable format and have it sent to another controller.