THE WORLD AND IN TURKEY OPEN BANKING PRACTICES AND LEGAL REGULATIONS

Abstract

In addition to the banking and finance sector, all areas in the ecosystem are indented with each other, opening the doors to a new world. It is possible to see the most important effects of the changes in financial areas on fintech enterprises. Using the application interfaces that banks and other financial institutions operating in financial markets have opened for data sharing, fintech initiatives come up with innovative business models and facilitate the lives of both consumers and financial institutions. Today, the concept of money is also changing. With money, which tends to be digitalized, companies, individuals, and societies are taking a step towards a future that can be privatized. With the era of mobile communication, many services have been brought into people's pockets, parallel to this, the banking sector has become portable via smartphones. The intense competition in financial markets and the speed of the communication world have prompted banks to develop innovative and fast ways to collaborate with fintech initiatives. The demands of these initiatives have made it possible for banks to enter a new area where they have not taken steps before. The name of this field is expressed as "Open Banking". In this study, the open banking concept and how it works aims to provide examples from the world and Turkey on the legal infrastructure.