Open Banking refers to the use of open standards and technologies in banking, enabling a customer (i.e. consumer or business) to provide explicit authorisation for the sharing of banking information held about them by their bank with a trusted third-party under a data sharing arrangement.
Open Data refers to the publishing of of data using open standards and implemented in technologies such as RESTful APIs, JSON, and XML. Datasets can be as diverse as climate information, transport timetables, employment data and healthcare statistics. Open Data is often published under licenses that allow it to be freely used, shared and modified for any purpose.