19 January 2018
Kenneth Marritt

Open Banking APIs

Kenneth Marritt - Mere Digital

15Posts 52,078Views 9Comments
Finextra community

Open Banking

Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.

Open Banking: Will I Really Have Control Of My Data?

21 December 2017  |  4035 views  |  2

As a customer, one of the big selling points of Open Banking is giving me control of my financial data.

Is this really true?

Having reviewed the latest European Open Banking specifications there is plenty of data I should be able to get hold of.

The question is how?

I get the fact I will be able to use aggregator apps to view my total financial position. I am sure a combination of apps will give me a decent picture of the data my various banks hold.

What if I don’t want to use an intermediary to access my data?

What if I just want a plain old excel download of all the data my banks will be making available to AISPs and PSPs to do my own analysis?

Where do I get it from?

As a coder, what if I want to write my own apps to access my own data, how can I do this without having to go through various regulatory hurdles?

Will the regulators and banks help me do this? Or can I not be trusted with my own data?

Lots of questions. Anyone know the answers?

TagsInnovationOpen APIs

Comments: (3)

Dave Webber
Dave Webber - Callcredit Information Group - Leeds | 22 December, 2017, 08:42

Hi Kenneth - Its great that you have an interest from a consumer angle. One of the things really lacking from this legislation is interest or feedback from consumers. Barclays have started some awarness campaigns but it needs more from industry if we are to see real adoption. The point about control is a good one and in theory you should be able to opt-in in your banking information for a range of relevant transactions i.e. its your choice. At the other end clearly service providers need to deliver some incentive to do so. The reason you won't be able to code your own APIs is one of security where only authorised and regulated entities are able to access your data on your behalf. I'm no techie but I understand there are some tight security controls in this process which won't include consumers being able to access their own data in this way. Strictly speaking you can as you say download transactions via your bank's web app into excel and do the analysis yourself. However unless you have the rules that the service providers use to analyse your spending / saving it will be difficult to replicate. There should be however someway to understand why certain decisions have been made on your behalf if your not happy with the outcome. Dave

1 thumb up! 1 thumb up! (Log in to thumb up)
Kenneth Marritt
Kenneth Marritt - Mere Digital - Daresbury, United Kingdom | 23 December, 2017, 14:29 Hi Dave. Thanks for the comments. Much appreciated.
Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Sreeram Yegappan
Sreeram Yegappan - Cognizant - London | 03 January, 2018, 13:38

There is a proposal mooted by the PSF for a centralised payments repository which might be the answer to your question in a few years time.. Its not in the current scope but I do think it can be easily extended provided security and consent rules are met

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Latest posts from Kenneth

Open Banking: Will It Impact Bank Account Switching?

17 January 2018  |  2686 views  |  1 comments | recomends Recommends 0 TagsRetail bankingOpen APIsGroupOpen Banking

Open Banking: A Marathon Not A Sprint

12 January 2018  |  2637 views  |  0 comments | recomends Recommends 0 TagsInnovationOpen APIsGroupOpen Banking

Would You Like To Earn Money To Use Open Banking?

10 January 2018  |  1754 views  |  0 comments | recomends Recommends 0 TagsInnovationOpen APIsGroupOpen Banking

Open Banking - Winning Hearts and Minds

04 January 2018  |  4505 views  |  2 comments | recomends Recommends 0 TagsInnovationOpen APIsGroupOpen Banking

Open Banking: What Will Next Christmas Bring?

23 December 2017  |  4320 views  |  0 comments | recomends Recommends 0 TagsInnovationOpen APIsGroupOpen Banking

Kenneth's profile

job title Co-Founder
location Daresbury, United Kingdom
member since 2017
Summary profile See full profile »
Co-Founder of a Software Development company focussed on developing Open Banking, PSD2 and API solutions for Banks and Fintechs.

Kenneth's expertise

Member since 2017
11 posts9 comments
Kenneth's blog archive
January 2018 (4)2017 (11)

Who's commenting on Kenneth's posts

Ketharaman Swaminathan
Sreeram Yegappan
Dave Webber
John Power
Ed Daniel