I wonder if insurance companies or lenders with start forcing you to give up access to your main bank account in return for lower premium or rates...
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UK's Open Banking to Launch on 13 January
41–50 of 113 posts
Re: UK's Open Banking to Launch on 13 January
#42WTF? What is open about a system that only very few organisations can use? Imagine in the paper world, now you not only can ask the bank how much money you have, you can also authorize other companies to look at your account statements for you ... but noone got the idea that maybe you, the account holder, should be able to get a copy of the account statements? It seems we are still at the "reading and writing is for…
Are you sure you can't? Besides the paper statements, I can download my transaction data in a variety of formats including CSV from every bank I've use in the Netherlands.
Does the history go back more than a year or two?
Re: UK's Open Banking to Launch on 13 January
#43I wonder if insurance companies or lenders with start forcing you to give up access to your main bank account in return for lower premium or rates...
If they did, statutory regulation to prevent it would surely follow rapidly, and all they'd do is antagonize people and by extension the government and financial regulators. Doesn't seem like a worthwhile risk for them.
Re: UK's Open Banking to Launch on 13 January
#44UK government is certainly on a good path of improving technological side of it. Along with more and more OpenData initiatives and migrating to FOSS (e.g. LibreOffice) it leads the efforts of many countries.
Re: UK's Open Banking to Launch on 13 January
#45Earlier quoted context omitted.
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
Good grief: "A lot of people didn’t take us seriously, ignored us, bet on #OpenBanking instead. Look where we are now. We OWN the best access to the banking infra & everyone is else is out in the cold, totally fucked. When everyone thinks you’re right, you’re wrong. https://open.spotify.com/track/0whZQj81yqAv9yJEyNZcnR?si=TGr... " Anyone fancy building their business on top of this attitude?
Never judge a man until you’ve walked a mile in his shoes. We’ve had a very difficult couple of years with some banks going to some lengths to inflict as much damage as they can on our business. It didn’t work. However, now they have failed to deliver something required by law I let my emotions get the better of me. It was a very cathartic moment.
Our technology is the best in the market but it’s entirely your prerogative to not build on it. We will be building products on it ourselves going forward anyway and that’s what I think the future of our company is.
Re: UK's Open Banking to Launch on 13 January
#46Earlier quoted context omitted.
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.
I think that will come. It will take a bit of time for comfort to set in (both with the consumer and the banks) but I definitely see this as the first step. (edit; in addition the psd2 legislatiob, and specifically the technical guidance, does touch on concepts like 4th party, relaying parties and technical partners - so the exoectation of the regulator is that this will emerge)
I'm struggling with the enterprise-y terminology. It sounds like:
* your bank is an "ASPSP"
* the second party is you
* the company (third party) is the AISP
"For businesses that only carry on account information services, there is an option to become a ‘registered account information service provider’. These providers have no capital requirements and need to meet fewer conditions than authorised firms. Businesses that provide payment initiation services must be authorised and must have a minimum of €50,000 in initial capital (or higher if they provide certain other payment services). Both AISPs and PISPs have to hold professional indemnity insurance (PII). The EBA has developed Guidelines on PII (link is external)."
Correct? This doesn't specifically rule out being a relay, but I guess there is more detail/restrictions in another document.
See also: https://www.out-law.com/en/articles/2017/june/fca-urged-to-a...
Re: UK's Open Banking to Launch on 13 January
#47Earlier quoted context omitted.
It's already against the typical bank's terms of service for a user to provide them. Not to mention a silly thing to do. But the average user seems just blindly trusts these things - tools like 'You Need a Budget' ask for the same.
Founder here. This is incorrect. It is no longer against the terms of service of any European bank as of today thanks to PSD2.
It can no longer be against the terms of service of financial service providers to prohibit sharing the credentials used to access your accounts on their systems?
Re: UK's Open Banking to Launch on 13 January
#48Earlier quoted context omitted.
Teller.io is doing this. You might want to look into what licenses they needed to get.
No it isn't, at least, not yet - 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
We actually don’t do this where we we have an option to, i.e. with Barclays and Nationwide. Regardless, users giving credentials to 3rd parties is not against the terms of any bank in the EU and it’s contrary to EU law for them to make it so. Banks are also on the hook for liability in the first instance and must immediately make good any customer loss, although they can pursue the 3rd party.
Re: UK's Open Banking to Launch on 13 January
#49Earlier quoted context omitted.
Founder here. This is incorrect. It is no longer against the terms of service of any European bank as of today thanks to PSD2.
It can no longer be against the terms of service of financial service providers to prohibit sharing the credentials used to access your accounts on their systems?
Yes, every UK bank had to write to their customers updating their terms allowing such activity end of last year.
Re: UK's Open Banking to Launch on 13 January
#50Wow, 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.
> Wow, the UK is really embracing technology
They did not have much choice. The deadline is before brexit.