Open Banking: Secure API Data & Payments

Open Banking is a simple and secure way to view, move, and manage your money. Whether you want to invest, donate, budget, or take out a loan, Open Banking connects you to a wide range of financial services built on regulated and secure systems.

You are always in control deciding what personal information can be shared, with whom, and for how long.

Monolay’s Open Banking API enables secure data sharing and seamless financial integration. Built on PSD2-regulated standards, it gives customers full control of their data while providing businesses with real-time account insights and analytics.

With enterprise grade security and simple API connectivity, Monolay helps you:

• Stay compliant with UK Open Banking standards

• Unlock new financial opportunities with innovative services

• Build trust through secure, transparent data sharing

• Reduce integration costs with flexible API connections

Open Banking with Monolay isn’t just about compliance it’s about creating better financial experiences.

Open Banking has its roots in the 1980s, starting with the German Post Office’s online banking pilot and the 1998 Home Banking Computer Interface. The real acceleration came with the European Payment Services Directives (PSD1 and PSD2), which created a legal framework for secure data access and payments.

In 2017, the UK’s Competition and Markets Authority (CMA) published its mandate requiring major banks to provide API access. This led to the development of the UK Open Banking Standard, which spurred fintech innovation and encouraged customers and SMEs to adopt data-sharing apps and payment tools.

Open Banking relies on APIs (Application Programming Interfaces) secure digital gateways that allow banks, apps, and service providers to exchange information. APIs ensure software systems can “talk” to each other without being tightly coupled, making integrations flexible and efficient.

Standardised APIs mean all participants from banks to fintech providers follow the same rules, ensuring compatibility and trust. Communication is encrypted, so even if intercepted, the data looks meaningless to anyone without the proper authorisation.

Through Open Banking, account information can include:

Types of Account Information

• Account names and types

• Balances

• Transaction histories

This data can be shared (with consent) with trusted third parties, enabling services such as:

How Account Information is Used

• Personal spending analysis and budgeting tools

• Tailored savings and investment recommendations

• Streamlined credit checks and loan applications

By making secure data sharing possible, Open Banking unlocks a wide range of products and services to help you move, manage, and make the most of your money.