# Open Banking/Open Finance Ecosystem Data Model

## Open Banking: Definition

> **A collaborative model in which banks expose their services (via Application Programming Interfaces - APIs - or other technologies, such as open source software) to third party providers in order to create new value.** 
>
> **Banking customers are supported to authorise consent when securely sharing their banking account functionalities (such as the ability to make a payment) and data (such as their account balance or transaction history) with third parties directly in order to build their own, or obtain, financial and related services.**

![Platformable's model of the open banking/open finance ecosystem](/files/3MKMaoxAeplBF24itPLW)

## Ecosystem components

{% tabs %}
{% tab title="Stakeholders" %}
Governments

[Banks](https://app.gitbook.com/@markboyd/s/open-banking-open-finance-ecosystem-data-model/~/drafts/-M_H-i761CwHUfx-O7Dn/banks)

Fintech, Marketplaces, Aggregators

Fintech Associations & Financial Inclusion Advocates

Distribution Channels

End Users

API Tool Providers and Consultants
{% endtab %}

{% tab title="Enablers" %}
Regulators

Standards bodies

Developer Experience

Security and Digital Readiness
{% endtab %}

{% tab title="Indirect Beneficiaries" %}
Society

Economy

Environment
{% endtab %}
{% endtabs %}


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