Maven Banking is a Salesforce application designed as an Account Information Service Provider (AISP), following the principles of the Open Banking Initiative.
Integrated within your Salesforce org, Maven Banking allows you to keep track of your financial data:
Maven Banking provides:
Open Banking is a practice that provides third-party financial services with open access to users' banking, transactions, and other financial data through the use of APIs.
First Open Banking regulations were introduced in 2015 by the European Union, and many other countries have followed since.
In 2015, the European Union revised the Payment Services Directive in a regulation known as PSD2. The main objectives of PSD2 are:
In other words, the PSD2 supports innovation and competition in retail payments. It also enhances the security of payment transactions and the protection of consumer data.
You can read more about PSD2 here.
The Berlin Group is one of the most prominent European API standards organizations. They created the NextGenPSD2 framework which provides compliance standards to support PSD2 compliant APIs. This framework prescribes and standardizes the way financial institutions offer sensitive data over their APIs.
There are over 330 providers and 2500 banks enrolled in open banking today.