Open Banking (mandated by PSD2 in Europe and the Open Banking Standard in the UK) requires banks to provide standardized APIs allowing licensed third-party providers to access account data and initiate payments with user consent. This enables accounting software to automatically import bank transactions, categorize expenses, and reconcile accounts — eliminating manual CSV exports.
| Eu Directive | PSD2 (Payment Services Directive 2) |
| Uk Standard | Open Banking Implementation Entity (OBIE) Standard |
| Authentication | OAuth 2.0 + FAPI (Financial-grade API) |
| Coverage | 9 major UK banks mandated; expanding globally |
| Data Types | Accounts, transactions, balances, payment initiation |