Open Banking is an EU-wide initiative, as part of PSD2. Open Banking is intended to give consumers greater choice and control over how they use their banking products and data. Open Banking enables new solutions to be built on-top of banking infrastructure and customer data, to create innovative new products and services for consumers.
You can read more about Open Banking on the official website, openbanking.org.uk.
How does Open Banking tie into Wonderful?
Wonderful uses Open Banking to allow payments to be made directly to approved charities, without the need to enter card details or expiry dates.
Charities can use Wonderful to take online donations securely, whilst making the process of donating much easier for their donors and saving money on transaction fees.