## What is Open Banking?

- Jul 22, 2025
- Knowledge

### Information

**Title**  
What is Open Banking?

**Summary**  
Open banking is a system that allows third-party providers (TPPs) to access customer financial data, with the customer's consent, through Application Programming Interfaces (APIs) provided by traditional financial institutions. This approach enables enhanced collaboration, innovation, and competition in the financial services industry.

[Dwolla’s Open Banking Services](/content/features/open-banking-services/index.html) provide bank account verification and real-time balance checks. By utilizing Dwolla’s single API, you can have a one-stop shop to verify your clients’ bank accounts, check their current and available bank account balances, and initiate account-to-account transactions, also known as pay by bank.

To see how to build open banking features into your Dwolla integration, check out our [Developer Documentation](https://developers.dwolla.com/docs/connect/api-reference/open-banking). If you already have an account with Dwolla, please reach out to your account manager or [relationshipmanagement@dwolla.com](mailto:relationshipmanagement@dwolla.com) to get access to Dwolla’s Open Banking Services. If you’d like to learn more about Dwolla and explore how our solution could work for your use case, please reach out to our sales team to [schedule a payments consultation](/content/contact/index.html).

**URL Name**  
What-is-Open-Banking