Open Banking
A framework that lets you securely share your bank data with trusted third-party apps through standardized APIs.
Open banking allows licensed third-party services to access your account information, with your explicit consent, through secure regulated interfaces rather than scraping or stored passwords. It powers budgeting apps, account aggregators, and payment services by letting them read transactions or initiate payments on your behalf. The aim is more competition and better tools, while you stay in control of what you share and can revoke access anytime. It is built on bank-grade security and regulatory standards such as Europe's PSD2. Assetli uses secure connections to sync your transactions so categorization and analytics stay up to date.
Example
You connect your bank to a budgeting app via open banking; it can read your transactions to categorize spending but cannot move money without separate authorization.
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Related terms
Bank Synchronization
The automated process of importing transactions from bank accounts into a financial management tool, either through API connections or file imports.
Transaction Categorization
The process of classifying financial transactions into categories like groceries, rent, or entertainment to analyze spending patterns.
AI Transaction Categorization
The use of artificial intelligence to automatically classify financial transactions into spending categories based on merchant data, descriptions, and learned patterns.
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Cryptocurrency
A digital asset secured by cryptography and recorded on a blockchain, operating without a central authority.
Blockchain
A distributed, tamper-resistant digital ledger that records transactions across many computers.
Stablecoin
A cryptocurrency designed to hold a steady value, usually pegged to a currency like the dollar or euro.
NFT (Non-Fungible Token)
A unique digital token on a blockchain that certifies ownership of a specific item, such as art or a collectible.