Introduction to Open Banking

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Note

Thredd's Open Banking solution is currently only supported in the US region.

Open Banking is a service that enables third parties to obtain financial data from a wide range of financial institutions such as banks, fintechs and credit card companies.

Thredd's Open Banking solution enables you to enhance your customer onboarding experience and account data acquisition by seamlessly connecting to your customers' bank accounts for specific information that the customer has agreed to make available. Thredd uses Mastercard Finicity Open Banking infrastructure to achieve this, so you have access to accurate financial information while maintaining the highest standards of security and data privacy.

Thredd Open Banking services includes Instant Account Verification (US). See Get Customer Account Details for more information.

How it Works

The below diagram shows how Open Banking works. The customer connects their account by being re-directed through the secure web-link where they need to:

• Provide their consent to data sharing.
• Authenticate themselves to their selected financial institution.
• Confirm which account(s) to allow access to.

When the account is connected, you can use Thredd’s Open Banking APIs to get financial information, such as account details from the customer’s financial institution. Note that the customer reserves the right to revoke their consent to data sharing at any given point in time.

While Thredd facilitates the flow of financial information, our system is designed to maintain only the essential metadata required to provide a consistent and reliable service. This includes specific account identifiers and event data (pushed during the connect flow), enabling us to track the authentication lifecycle.

Setting Up Open Banking

You must be registered with Mastercard before you can use Open Banking. This is facilitated by your Implementations Manager who will provide more information through the process. After you have been registered, Mastercard will register Thredd's client application with the appropriate OAuth partners, which enables you to interact with such institutions. When registered, your Implementations Manager provides your applicationId, which is used to register new customers. Note that registration can take up to two weeks with minimum client involvement.

Errors

The below table describes the errors you can receive when using the Open Banking endpoints.