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UK's Open Banking to Launch on 13 January

openbanking.org.uk

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Re: UK's Open Banking to Launch on 13 January

#51

Post by Silhouette »

sjtgraham wrote: post #49
Silhouette wrote: post #47

Earlier quoted context omitted.

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.

I have accounts with several banks and other financial services, and I have received various updates to terms in connection with PSD2 over the past few months. However, I don't recall any of them saying it was now OK to share things like passwords or PINs.

Are we talking at cross-purposes here? Encouraging non-experts to share security credentials that give unrestricted access to their accounts with third parties is so obviously dangerous that I find it hard to believe that (a) the financial providers are now required by law to do it, and (b) not a single one of the updates I received from mine drew attention to this in any way that I noticed and recall now.

Surely the entire point of the new access paths under PSD2 is that the financial providers don't have to endorse the dangerous practice, and can instead provide an alternative way to achieve similar results but with much better control and regulation to protect all involved?

Re: UK's Open Banking to Launch on 13 January

#53

Post by twic »

lozenge wrote: post #18
hacker_9 wrote: post #5

Wow, 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?

There's a thing called a summary care record which is in a central database: https://digital.nhs.uk/summary-care-records

There are still a lot of details siloed in individual organisations, though.

Re: UK's Open Banking to Launch on 13 January

#54

Post by alexchamberlain »

I've read through their website a few times. Whilst it's easy to find the specs and a list of banks participating - you can even find some example code on GitHub - it's incredibly hard to find out what you actually have to do to be able to access the APIs. I appreciate that banking data is sensitive, but I think the on boarding process could be made a lot clearer.

Re: UK's Open Banking to Launch on 13 January

#55

Post by Y_Y »

tialaramex wrote: post #36
ErrantX wrote: post #28

Earlier quoted context omitted.

Its a fair criticism in part; but you are a technologist and so want unfiltered access to play with that data. For the vast majority of people that's meaningless - so to be able to share that data with companies offering new and interesting services (AIS sign up is reasonably lightweight, certainly within trivial reach of any startup) is a big step forward. I think we should be encouraging! (Or in other words; your t…

Digital access to your data isn't likely to work out generally unless you're happy with "Here's a PDF sent to your email address" in which case, sure, that's going to happen. I look after a system that has loads of PII, as a mix of traditional SQL databases and RDF with a bunch of RESTful service layers keeping it all in neat boxes so it's not a sprawling unmanageable mess. Now, if you ask for Subject Access after ou…

Just because plebs can't understand triples doesnt mean they should have the right to seem (and potentially show them to someone who does). It might even get people to learn or write software to make sense of whatever data structure. In any case it shouldn't be up to the data borrower.

Re: UK's Open Banking to Launch on 13 January

#57

Post by tjoff »

Why would anyone ever want to let a 3rd party company manage their bank account? I barely trust my bank yo do that...

I'm afraid that some companies will try to force it upon customers as well. Starting with: "If you allow us to manage your purchase it will get even faster (oh and we get access to all of your financial info), and you also get a useless gadget!"

Re: UK's Open Banking to Launch on 13 January

#58

Post by Nursie »

alexchamberlain wrote: post #54

I've read through their website a few times. Whilst it's easy to find the specs and a list of banks participating - you can even find some example code on GitHub - it's incredibly hard to find out what you actually have to do to be able to access the APIs. I appreciate that banking data is sensitive, but I think the on boarding process could be made a lot clearer.

First you need to be accredited by the FCA, either as a third party provider or as a banking institute.

Not 100% sure what comes next.

Re: UK's Open Banking to Launch on 13 January

#59

Post by blowski »

tjoff wrote: post #57

Why would anyone ever want to let a 3rd party company manage their bank account? I barely trust my bank yo do that... I'm afraid that some companies will try to force it upon customers as well. Starting with: "If you allow us to manage your purchase it will get even faster (oh and we get access to all of your financial info), and you also get a useless gadget!"

People said the said the same about ATMs. They were wrong.
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