Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place.
Ah yes, finally what we’ve been missing in our financial system! 🤭
I can export information from all financial institutions and import it to GNUCash. But I don’t need to because I actually use it for double entry bookkeeping and add all the transactions myself. This lets me catch when a financial institution messes up in one of the myriad of ways they tend to do.
The last thing I want is other entities being able to pretend they’re me legally.