We live in a global village today. For instance, raw materials of a product may originate from several countries, the product may be designed in one country but assembled in another country, and sold all over the world. Banking is an ideal example of the present day global reality. Data sharing practices in the banking industry used to be very conservative and restrictive, but they have significantly changed now. Open banking initiatives in Europe, UK, and Australia aim to share and open banking data with other banks and institutions.