Open banking is a cutting-edge and highly secure financial process that empowers consumers and merchants by allowing regulated third-party service providers access to banking, transaction data, and other vital financial information. Through secure APIs Application Programming Interfaces, banks facilitate this data sharing, ushering in a new era of financial innovation. Backed by the European Commission's Open Banking Infrastructure., it will empower consumers to share their data securely so that they can get a wider range of better and more secure financial products. The payment services market has changed significantly in recent years and Alternative Payments is bringing these advantages to US-based merchants. Electronic payments in the EU have been constantly growing, reaching €240 trillion in value in 2021.