Open banking has been around since 2018 and I thought most if not all traditional banks would have it by now. Banks need to welcome and not try to fight these changes. Even though banks were the sole owners of customers' financial data, that should have never been the case. Financial data belongs to the customers who generate it, not to the institutions that collect it. So I believe that it’s a natural step to allow customers to open up their data to third parties that help make the most out of it. Having APIs available for third party developers allows innovation for the finance industry.
Europe is known as the pioneer of open banking. Some other countries outside the EU have been slowly adapting too. Such as America, Australia, Singapore and Japan.
I had a subscription with TrueLayer. The API service was smooth and their team updated me from time to time. They even helped me with regulation by giving us an agency under their FCA license. Eventually I transferred to Nordigen due to a friend’s recommendation. It was also free so why not. It was easy to integrate their program to my business model. One particular program I am happily using that involves open banking is a combination of Firefly and Nordigen. I use it to manage my finances for budgeting, planning and so on.
Submitted January 07, 2022 at 06:00AM by RobbinFlannery https://ift.tt/3JSVzlY
