Prime Microfinance Limited
Open Banking is a system that allows corporates to share their banking data with registered providers in a secure manner. In the era of Open Banking banks have opened up their infrastructure to allow corporates to share their banking data with registered Third Party Providers (TPPs), in a standardised and secure manner. This enables corporates to take advantage of new innovative services that are coming to market. All of this operates in a secure and safe environment, based on clients’ explicit consent.
You will need online or mobile banking for your personal or business current account to use open banking.
The concept of open banking is not new, and you will have been able to share information with a company other than your bank through something called screen scraping.
Screen scraping involves capturing on-screen information, like taking a photograph of your data.
Open Banking is more secure than screen scraping because you don’t have to share your password or login details with anyone other than your bank or building society.
It is driven by third party apps, which tend to be fintech start-ups, although some of the larger tech firms and banks have and are developing similar applications.
All third-party open banking apps need to be accredited and regulated by the Ghana Deposit Protection Corporation (FCA).
There are 2 types of regulated providers – ones that bring together information from different accounts you may have, and those that help you pay companies.
*Note: PRIME MICROFINANCE does not have a payments initiation service on its internet banking service.
No. You’ll only use open banking if you give your explicit consent to a regulated app or website. It’s always your choice.
PRIME MICROFINANCE is PSD2 Compliant - Open Banking functionality is available.
Third party providers are welcome to test developer portal functionality.
Portal available since October 2020.
