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Increase: Banking API
141–150 of 305 posts
Re: Increase: Banking API
#142Earlier quoted context omitted.
Don't worry... I do... The guy assigned to my case retired. As did the next guy. And now there is a lady assigned to the case, but she has been out of the office for all of the last 3 years... Every time I call, I get told they can't discuss cases over the phone, but that they will send me a paper letter as an update... And it isn't a template letter either... But it always just says I need to keep waiting and there…
You need to send a request in writing.
Or contact the financial ombudsman assuming this is in the uk.
Re: Increase: Banking API
#143It's notable that Monzo (UK fintech bank, but now in many countries) has a fairly complete but not really advertised API. Their mobile app uses the same API. If you need to know which emoji is most representative of the shop where you used your card 7 seconds ago, you can get sent that (and a lot of other data) in a webhook...
Not sure about Monzo specifically, but all the major UK banks are required by the UK regulators to provide standard open banking APIs: https://www.openbanking.org.uk
In practice this means that any UK financial app that supports open banking should be able to connect to an account at any UK bank that implements open banking.
Re: Increase: Banking API
#144Earlier quoted context omitted.
> legacy to deal with which drags them down A non-zero amount of that legacy is due to regulations and compliance. Most of what a bank does is totally invisible to the end customer. A "neobank" is almost always just a shiny consumer-oriented facade in front of a grumpy old bank. Someone still has to follow all of those laws.
What about Monzo or Starling in the UK? What is the grumpy old bank behind them?
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Re: Increase: Banking API
#145Earlier quoted context omitted.
Search for “woman murdered while helping motorist”. There are too many evil people to willfully ignore the dangers of helping others. You should always, always be aware of the risks you’re putting yourself in any situation. In life, in work, in family, it doesn’t matter. And yes, that’s worth teaching children.
Sometimes you get something positive out of helping a stranger too... A new friend, a favour in return, or simply experience of doing something new/different. As long as the positives outweigh the dangers, it's worth doing.
Awhile back I would see someone walking down the road sometimes when I drove home from work. One day he was going the same direction as I was so I stopped and offered him a ride. He then told me how he was a bad person but had been reborn. God had told him that there are great things in store for him, and he was supposed to travel the world and marry Beyonce in New Orleans. It was an interesting experience. He turned down the ride.
Re: Increase: Banking API
#146It's notable that Monzo (UK fintech bank, but now in many countries) has a fairly complete but not really advertised API. Their mobile app uses the same API. If you need to know which emoji is most representative of the shop where you used your card 7 seconds ago, you can get sent that (and a lot of other data) in a webhook...
Not sure about Monzo specifically, but all the major UK banks are required by the UK regulators to provide standard open banking APIs: https://www.openbanking.org.uk In practice this means that any UK financial app that supports open banking should be able to connect to an account at any UK bank that implements open banking.
Open banking is really just an automated way to view your statement.
It doesn't allow sending money to someone, creating a new bank account, closing an account, changing your email or postal address, setting up a pension or credit card, or any of the other actions you might want to do at your bank.
Re: Increase: Banking API
#147Earlier quoted context omitted.
Conventional banks provide all of the above (including open banking API) except instant virtual cards here in Scandinavia, so nothing to do with building from scratch. Just a matter of priorities and healthy competition. The neobanks are all very incremental improvements, and is largely just packaging. E.g., Lunar being app-only obviously has a somewhat more modern app than the average bank.
I happen to work in a bank in Scandinavia, and you're both sort of right. We did at one point provide "open banking APIs" although we only ever approved one partner to use it, and have since shuttered it. The truth of the matter is that banking is horribly entrenched. Actual business decisions are mostly driven by arbitrary considerations of which laws to follow that day. Although we provide a ton of functionality an…
Open banking is really something that needs to be mandated by regulators. That's what happened in the UK, and now you have a wide choice of financial apps that can access accounts at any bank that implements the standard UK Open Banking APIs: https://www.openbanking.org.uk
Re: Increase: Banking API
#148I made an API for a bank... I was a third party and made the API by screen scraping their webUI. I sent their devs a link and initially there were positive messages going back and forth. The API allowed you to see balance, transaction history, and make payments. Before long, the API got quite popular, and lots of people were using it to make lots of payments automatically. You know what makes money laundering super e…
> You know what makes money laundering super easy... a banking API so you can split the million dollars you want to launder into 1 million 1 dollar payments. That would be noticed. It's called "structuring" and is itself illegal. Banks watch for this stuff.
Structuring involves currency, not bank transfers. I believe the word you are looking for is layering.
Re: Increase: Banking API
#149How do you plan to compete against https://column.com/?
Re: Increase: Banking API
#150Earlier quoted context omitted.
> You know what makes money laundering super easy... a banking API so you can split the million dollars you want to launder into 1 million 1 dollar payments. That would be noticed. It's called "structuring" and is itself illegal. Banks watch for this stuff.
Structuring involves currency, not bank transfers. I believe the word you are looking for is layering.
The IRS doesn't seem to make a distinction, calling out bank transfers by bank customers explicitly in it's structuring regulations: