I think this is the UK's implementation of EU PSD2 directive (e.g.
[1]) so may not survive brexit. Looking forward to what'll come out of it though!
[1] https://www.tsys.com/news-innovation/whats-new/Articles-and-...
UK's Open Banking to Launch on 13 January
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Re: UK's Open Banking to Launch on 13 January
#12I think this is the UK's implementation of EU PSD2 directive (e.g. [1]) so may not survive brexit. Looking forward to what'll come out of it though! [1] https://www.tsys.com/news-innovation/whats-new/Articles-and-...
It should survive; the EU Banking Authority is based in London (it will move post Brexit) and the UK treasury were major influencers on this legislation.
Worth saying also; Open Banking actually came out of the UK competition marketing authority - its just become tied up with PSD2 (as its one way to achieve compliance with that legislation)
Re: UK's Open Banking to Launch on 13 January
#13> 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?
Take a look at teller.io. I personally have some reservations, but you might like it.
Re: UK's Open Banking to Launch on 13 January
#14> 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.
That is disappointing. I wonder if anyone is doing the legal analysis on what it would take to be a 'passthrough provider', who would simply wrap it up in an easier API with a simple TOS.
Re: UK's Open Banking to Launch on 13 January
#15Anyone 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.
That is disappointing. I wonder if anyone is doing the legal analysis on what it would take to be a 'passthrough provider', who would simply wrap it up in an easier API with a simple TOS.
Re: UK's Open Banking to Launch on 13 January
#16Earlier quoted context omitted.
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.
That is disappointing. I wonder if anyone is doing the legal analysis on what it would take to be a 'passthrough provider', who would simply wrap it up in an easier API with a simple TOS.
Teller.io is doing this. You might want to look into what licenses they needed to get.
Re: UK's Open Banking to Launch on 13 January
#17I'm really excited by this (and PSD-2), as a banking API is the last piece of the puzzle to create fully automated businesses.
Re: UK's Open Banking to Launch on 13 January
#18Wow, 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.
There's no such thing as an NHS medical record, every hospital/care centre keeps its own records. What app are you referring to?
Re: UK's Open Banking to Launch on 13 January
#19Wow, 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.
There's no such thing as an NHS medical record, every hospital/care centre keeps its own records. What app are you referring to?
This: https://www.nhs.uk/NHSEngland/online-services/Pages/gp-servi...
And yes there isn't a single database, but if you transfer to a different GP they will transfer your records from your old GP, and this app then let's you view them too.
Re: UK's Open Banking to Launch on 13 January
#20> 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?
Take a look at teller.io. I personally have some reservations, but you might like it.
Teller.io is not using the 'Open Banking' API - it asks for all the user login information including passwords and security numbers required for a normal login.
Edit: And unfortunately, it doesn't seem even to have any intention of using it: https://twitter.com/stevegraham/status/951163378424217600