4 ms·

I wish banks had API tokens, so that people didn't have to exchange their passwords for financial services.

nic-waller 6y ago
Me too. But I doubt it will ever happen without regulation. The only development in this space that I'm aware of is from a South African company called root. You can run custom code before/after transactions through their credit card. https://root.co.za/card https://root.co.za/card
thebiss 6y ago
A few US banks (e.g. Capital One) provide a separate password for API access. Unfortunately, it's rare.
adarioble 6y ago
The UK has implemented Open Banking [1] and PSD2 directive since late 2018. It allows apps to interconnect and pull data - I can use a single banking app to check balances across all my accounts. [1] https://www.openbanking.org.uk https://www.openbanking.org.uk
- ThePowerOfFuet 6y ago
  PSD2 is EU-wide. (I hope the UK doesn't roll it back!)
  - sputr 6y ago
    Now if 'open' part of PSD2 open banking actually meant that I could access my own bank account api, that would be great :).
    - brnt 6y ago
      Unfortunately you need to be acredited to be able to get access to banks APIs and in order to get acredited there are certain requirements such as needing to be a legal entity. Alas, no dice for the enthusiasts.
      - toomuchtodo 6y ago
        Could enthusiasts not form a non profit entity to receive accreditation and delegate access?
        sputr 6y ago
        There are other, such as capital, cash flow and licensing requirements.... As far as I can tell. I was very disappointed when I found this out too. Fail. There will probably be resellers offering api access to our own data (I think that's the deal with tokens.io) so... classic lobbiest produced walled garden to limit free enterprise and competition.
alteria 6y ago
And don't forget the middlemen that monetize your de-identified data in exchange for providing the service :)
gabrielsroka 6y ago
From https://help.mint.com/Accounts-and-Transactions/939542541/What-s-new-about-my-bank-connections.htm https://help.mint.com/Accounts-and-Transactions/939542541/Wh... > Mint now signs in to select banks using OAuth (open standard for authentication). ... Citibank, JP Morgan Chase, Bank of America, Wells Fargo, and Capital One

Me too. But I doubt it will ever happen without regulation. The only development in this space that I'm aware of is from a South African company called root. You can run custom code before/after transactions through their credit card. https://root.co.za/card https://root.co.za/card

thebiss 6y ago

A few US banks (e.g. Capital One) provide a separate password for API access. Unfortunately, it's rare.

adarioble 6y ago

The UK has implemented Open Banking [1] and PSD2 directive since late 2018. It allows apps to interconnect and pull data - I can use a single banking app to check balances across all my accounts. [1] https://www.openbanking.org.uk https://www.openbanking.org.uk

ThePowerOfFuet 6y ago
PSD2 is EU-wide. (I hope the UK doesn't roll it back!)
- sputr 6y ago
  Now if 'open' part of PSD2 open banking actually meant that I could access my own bank account api, that would be great :).
  - brnt 6y ago
    Unfortunately you need to be acredited to be able to get access to banks APIs and in order to get acredited there are certain requirements such as needing to be a legal entity. Alas, no dice for the enthusiasts.
    - toomuchtodo 6y ago
      Could enthusiasts not form a non profit entity to receive accreditation and delegate access?
      - sputr 6y ago
        There are other, such as capital, cash flow and licensing requirements.... As far as I can tell. I was very disappointed when I found this out too. Fail. There will probably be resellers offering api access to our own data (I think that's the deal with tokens.io) so... classic lobbiest produced walled garden to limit free enterprise and competition.

alteria 6y ago

And don't forget the middlemen that monetize your de-identified data in exchange for providing the service :)

gabrielsroka 6y ago

From https://help.mint.com/Accounts-and-Transactions/939542541/What-s-new-about-my-bank-connections.htm https://help.mint.com/Accounts-and-Transactions/939542541/Wh... > Mint now signs in to select banks using OAuth (open standard for authentication). ... Citibank, JP Morgan Chase, Bank of America, Wells Fargo, and Capital One