Open Banking refers to a system where financial institutions provide access to their data, including customer account information and payment services, to third-party developers and service providers through Application Programming Interfaces (APIs). APIs are sets of protocols and tools for building software applications, allowing them to communicate and interact with each other.

MasterCard, as a major player in the financial services industry, has been actively involved in the "Open Banking" space. They may offer solutions and APIs that facilitate secure and standardized access to banking data and services. For high-risk merchant accounts, MasterCard may provide specialized "Open Banking solutions" to address the unique needs and challenges associated with such accounts.

APIs in Open Banking: The Connecting Bridge
An API, or Application Programming Interface, acts as a secure bridge for data exchange in "Open Banking". Think of it as a waiter in a fancy restaurant, taking your order (requests) from an app (third-party provider) and delivering it (financial data) to the bank's kitchen (database). It allows authorized third-party providers (TPPs) to access customer financial data with their consent, fostering innovation and competition in the financial services landscape.

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