UK's Open Banking to Launch on 13 January
openbanking.org.uk
UK's Open Banking to Launch on 13 January
1–10 of 113 posts
Re: UK's Open Banking to Launch on 13 January
#2“Open Banking is a term that describes a secure set of technologies and standards that allow customers to give companies other than their bank or building society permission to securely access their accounts."
I can't tell if this is super-useful for the end consumer, or just another way for e.g. Google to mine your data in return for some superficial benefits.
Re: UK's Open Banking to Launch on 13 January
#3> Open Banking is a term that describes a secure set of technologies and standards that allow customers to give companies other than their bank or building society permission to securely access their accounts.
Does it have to be another company or will I be able to write my own software that has access to my bank account?
Re: UK's Open Banking to Launch on 13 January
#4Anyone know if the plan is to provide an API to the consumer for management of personal finances?
Re: UK's Open Banking to Launch on 13 January
#5Wow, the UK is really embracing technology. You can do so much electronically though the Gov.uk website already, and you can even access your NHS medical record via a phone app. Being able to consume banking data via an API will no doubt open up a suite of more useful apps, that can help with managing budgets and planning for the future etc.
Re: UK's Open Banking to Launch on 13 January
#6> Open Banking is a term that describes a secure set of technologies and standards that allow customers to give companies other than their bank or building society permission to securely access their accounts. Does it have to be another company or will I be able to write my own software that has access to my bank account?
You have to be a company. You also have to be regulated as an AISP or PISP (Account Information/Payment Initiation Service Provider).
So there are some hurdles.
Re: UK's Open Banking to Launch on 13 January
#7From what I understand the molasses IT departments in these banks will be delivering very little that actually works on Jan 13th but we will see...
Re: UK's Open Banking to Launch on 13 January
#8Anyone know if the plan is to provide an API to the consumer for management of personal finances?
Not right now; at first you'll have to rely on PFM tools built by companies rather than directly.
There is a chance GDPR will give you as an individual more flexibility but it wont be mandated.
Re: UK's Open Banking to Launch on 13 January
#9> Open Banking is a term that describes a secure set of technologies and standards that allow customers to give companies other than their bank or building society permission to securely access their accounts. Does it have to be another company or will I be able to write my own software that has access to my bank account?
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Re: UK's Open Banking to Launch on 13 January
#10> Open Banking is a term that describes a secure set of technologies and standards that allow customers to give companies other than their bank or building society permission to securely access their accounts. Does it have to be another company or will I be able to write my own software that has access to my bank account?
My understanding is companies, who meet stringent requirements and can afford to take out insurance policies should they be liable for any loss/misuse of data.