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In Europe, all 6,000 retail banks have working APIs and it's possible to connect to banks without username/password sharing. The APIs are completely free to use
by rmesters 5y ago
In Europe, all 6,000 retail banks have working APIs and it's possible to connect to banks without username/password sharing. The APIs are completely free to use under the PSD2 regulation. This approach of regulated open banking (i.e. regulator asking banks to build APIs) should eventually eradicate any password sharing in Europe. I hope to see this in US at some point as well.
- flas9sd 5y agowhile this is helpful for software acting in users agency (excel sheets), it's used for risk assessment elsewhere - and I'm not sure about credentials: Firms like Klarna ask your credentials (XS2A) to extract insights, before approving even a SEPA payment. While you're informed what details are fetched, it can be substantial - all accounts, balances, transaction history. Their credit business couldn't be happier for PSD2. https://docs.openbanking.klarna.com/acin/insight-api.html https://docs.openbanking.klarna.com/acin/insight-api.html see last screen in example flow https://docs.openbanking.klarna.com/acin/quick-start-insights.html https://docs.openbanking.klarna.com/acin/quick-start-insight...