What is open banking?
Open banking allows a user to authorize a bank to make specified data or services available to a cooperating third-party provider through controlled interfaces.
The available data and operations depend on the bank's arrangements, the service, the user's permission and the relevant jurisdiction. “Open” does not mean unrestricted public access to accounts.
How does it differ from handing over a banking password?
In the arrangements described by the Taiwan Financial Supervisory Commission sources, a bank can provide Open APIs through which a cooperating service accesses a permitted scope. The third party need not impersonate the customer by signing in with the customer's online-banking password.
The FSC material treats API access and third-party login using a customer's credentials separately. Their access boundaries and authorization mechanisms should not be treated as equivalent.
Does permission to read an account include permission to pay?
No. Reading account information and initiating a transfer or payment are different operations. Permission to share data does not establish permission for every action a service might support.
The useful questions are which provider receives which data, for what purpose, which operations are permitted and how authorization can be withdrawn. Rules and implementation differ between countries and banks; this entry does not declare a particular service eligible or authorized.
An AI agent connected to a service is still limited by the service's supported operations and the granted permissions. Its ability to describe a balance does not establish payment authority.
Sources and scope
- Taiwan FSC: user information and customer protection in open banking
- Taiwan FSC: regulatory consultation FAQ, Open Banking Q2-27
Source-language entry records a source check on 2026-10-21. This adaptation preserves that provenance and does not represent a new audit of the cited pages.