![](https://thepaymentsassociation.org/wp-content/uploads/sites/7/2022/05/Facebook-1200px-x-628px-11-768x402.png)
Noda Pay: What businesses need to know about open banking
Open Banking is the concept of sharing banking information outside the bank. Historically, data and actions with funds are only available to the funds owner and his bank. Open banking introduces the concept of the Banking Consent, when the funds owner allows some third party provider (TPP) to read his bank’s data – such as account information, balances transactions, etc.There is also a payment initiation option, which allows TPP’s to create new payment methods without any intermediaries – such as card schemes (Visa, Mastercard) and wallets (PayPal, AliPay).