AS defined under BSP Circular 1122, Series of 2021, open finance's definition appears to be geek speak, that is: "leveraging on and sharing of customer-permissioned data among banks, other financial institutions, and Third Party Providers (TPPs) to develop innovative financial solutions, such as among others, those that provide real time payments, promote greater transparency to account holders, and provide marketing and cross-selling opportunities to banks, other financial institutions, and TPPs."
In much more practical and relevant terms however, open finance simply empowers us to take control of our data and transactions across all players in the financial world.
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