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What is a third-party provider (TPP) in Open Banking?

Third-party providers (TPPs) use Open Banking API with your consent to access your financial data from other financial institutions. This allows them to provide various services, such as budgeting, accounting, or payments.

You may see company names like Plaid/Yapily/TrueLayer in the Open Banking flow because they streamline Open Banking integration, providing a unified platform and data standardisation services for banks and TPPs.