The open banking revolution is well underway, with predictions indicating that the market will reach a staggering $43.15 billion by 2026. This transformative concept has brought significant changes to the financial industry, empowering customers to share their financial information securely through open Application Programming Interfaces (APIs) and OAuth. The result? Access to a broader range of financial products and services than ever before.

Understanding the fundamentals of open banking is crucial to appreciating its immense advantages. While it may initially seem complex, delving into its workings reveals the vast potential it holds. In this article, we will explore the key concepts behind open banking, the role of open APIs and OAuth, and how they collectively drive this financial revolution.

At its core, open banking enables customers to share their financial data with other providers, including fintech businesses and various companies, through secure APIs. This data encompasses a wide array of …