In our third installment, we switch gears to open banking—an industry-wide movement that’s rapidly transforming traditional banking by allowing third-party providers to securely access financial data. Wedi taps into this breakthrough to link fiat and stablecoins, enabling fluid, real-time transactions without the friction of legacy rails.
Why Open Banking Matters
Open banking grants regulated third-party apps and platforms (like Wedi) access to banking data via secure APIs. This shift promotes:
- Greater financial inclusivity by connecting users across various banks
- Transparent banking services with clear, upfront fee structures
- Accelerated fintech innovation through standardized data-sharing protocols
By merging open banking with Wedi’s stablecoin rails and programmable wallets, users can experience a truly global, cost-effective payment network.
Key Advantages of Integrating Wedi with Open Banking
1. Instant Funding and Withdrawals
Checklist:
- Link your bank account via open banking APIs
- Top-up your Wedi Wallet in seconds
- Withdraw stablecoins to fiat with minimal downtime
Traditional wire transfers can take days. With open banking, your fiat deposits or withdrawals clear almost instantly, all while benefiting from Wedi’s batch liquidity to minimize FX spreads.
2. Streamlined Compliance and Security
Open banking enforces stringent PSD2 (Payment Services Directive 2) or equivalent regulations, ensuring secure data flows. Wedi complements this with robust encryption and compliance protocols:
- End-to-end encryption for transaction data
- KYC/AML checks to meet regulatory standards
- Transparent transaction logs for auditing
3. Unified Cash Flow Management
By bridging fiat accounts and stablecoin wallets, Wedi offers a single dashboard to:
- Monitor balances across multiple bank accounts
- Automate on/off-ramp flows based on AI triggers
- Consolidate stablecoins and fiat for real-time liquidity
How It All Works
flowchart LR
A[User's Bank Account] -- Open Banking API --> B(Wedi On/Off-Ramp)
B --> C[Wedi Wallet in USDC]
C -- Stablecoin Payment --> D[Programmable Wallet & AI Agents]
D -- Automated Workflows --> E[Streaming Finance & Batch Liquidity]