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Open Banking and PSD2 are both complete failures. Who is in market with a decent product built on it? Nobody is. What people need to realise is that 1st party A
by sjtgraham 8y ago
Open Banking and PSD2 are both complete failures. Who is in market with a decent product built on it? Nobody is. What people need to realise is that 1st party APIs are completely at odds with the incentives to maintain the status quo, i.e. they pose an intermediation threat and in the worst case relegate banks to mere utilities with zero margin. Furthermore a bank will never use it's own public API in it's own products, hence there being zero downside for exposing a shitty one. The only way this is will happen is if 3rd party companies in the market force it to.
- semerda 8y agohttps://www.computerworld.com.au/article/646592/australia-big-four-initial-target-open-banking/ https://www.computerworld.com.au/article/646592/australia-bi... "The ACCC envisages that the first tranche of open banking rules will come into effect from 1 July 2019. Within 12 months, all Australian banks, including the related brands of the big four, will be brought within the scope of open banking."
- semerda 8y agoGood number of companies using it already https://www.openbankproject.com/apps/ https://www.openbankproject.com/apps/ and they claim 10K developers.
- sjtgraham 8y agoThat's not Open Banking. That's the Open Bank Project, a completely separate thing. They're a company that tries to sell their platform to banks and provide a FOSS sandbox.
- hndamien 8y agoOr you just stop using banks and build these products on something like Bitcoin. It might pressure banks to open their APIs.