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Sure, but that information today is gatekept quite well and impossible for you or me to pull or integrate without partnerships or paying up heavily. For example
by yrral 5y ago
Sure, but that information today is gatekept quite well and impossible for you or me to pull or integrate without partnerships or paying up heavily. For example, plaid is a company worth 13.4b where largely all they do is log in to your financial accounts on behalf of another (usually financial) institution to scrape your account data. If you try doing that yourself, you will be blocked by the risk systems of the various banks.
Other companies like mint and byallaccounts largely did the same thing and were aquired at $170 per account and $33 per account respectively. So obviously someone is making money on keeping your data gatekept.
- bpfrh 5y agoNo they don't gatekeep the information, your information is always available to you. Maybe they don't offer the information in the specific way that you want, but that can also happen in web3(Propertery API, OAUTH2 which means you have to have static ip server for authentification,etc.). You pay for the convenience of having your data aggregated in the specified format. That aside, banks in the EU are forced to offer api services, as specified in the PSD2 standard. I just don't see how doing everything in a web3 solves anything better than regulations.
- lukeramsden 5y ago> I just don't see how doing everything in a web3 solves anything better than regulations. Maybe - but then, good luck getting every single country in the world, to agree on identical, completely open regulations way, way more advanced than PSD2. This is what ""web3"" (or more accurately, open and composable finance primitives such as Ethereum/alt-L1s and the surrounding ecosystem) achieves.