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Open Banking means you can access your own banks API, however if you have a lot of customers and you need to access lots of different APIs from different banks
by celticninja 7y ago
Open Banking means you can access your own banks API, however if you have a lot of customers and you need to access lots of different APIs from different banks then you use an intermediary 3rd party, e.g TrueLayer and you use their API to access the open banking API of the customers bank.
- fauigerzigerk 7y agoI don't think that's entirely correct. Open Banking means that all participating banks allow access via the same API, which is documented here: https://openbanking.atlassian.net/wiki/spaces/DZ/pages/16320694/Open+Data+API+Specifications https://openbanking.atlassian.net/wiki/spaces/DZ/pages/16320... The biggest UK banks have a legal obligation to participate and many smaller ones are participating as well. I can see why a third party API gateway would still be useful internationally though.