2 ms·

Every single Open Banking implementation I know also requires everyone to go through a useless certified middleman (eg. Plaid, GoCardless, ...) instead of letti

Every single Open Banking implementation I know also requires everyone to go through a useless certified middleman (eg. Plaid, GoCardless, ...) instead of letting people use the APIs directly

hmokiguess 2mo ago
Brazil did PIX which in that case the middleman is the government and everyone got to benefit from
- lxgr 2mo ago
  Isn't PIX a payment scheme? Open banking is slightly different, as it's more about account access (although with read+write access, you can kind of build it into a payment scheme as well, although it's usually clunky).
  - hmokiguess 2mo ago
    You're right, they are actually one step ahead and into what is now called Open Finance and aims at extending Open Banking beyond the original vision. The brazilian central bank has a page about it[1] [1] https://www.bcb.gov.br/estabilidadefinanceira/openfinance https://www.bcb.gov.br/estabilidadefinanceira/openfinance
theplatman 2mo ago
would encourage you to read up about how the rest of the world has solved this
- ppalata 2mo ago
  When you say rest of the world, what countries exactly do you mean? I'm from the Czech Republic and the process is also insurmountable for a regular company. You either go through a middleman or you can apply for a license (only 4 companies in the entire country ever got it and it costs upwards of $50k in legal fees just to file the application).
- shimman 2mo ago
  Can you just link us to the relevant pieces? I rather not search on my own and read wall street propaganda on why it's bad (which is what I'm finding and not interested in).
  - hmokiguess 2mo ago
    Here's a McKinsey report on Pix, Open Banking, and Open Finance in Brazil[1] [1] https://www.mckinsey.com/br/~/media/mckinsey/locations/south%20america/brazil/our%20insights/brazil%20stack/brazil%20stack%20report_al_vf.pdf https://www.mckinsey.com/br/~/media/mckinsey/locations/south...
- nozzlegear 2mo ago
  Why don't you just tell us, rather than give us homework?

Every single Open Banking implementation I know also requires everyone to go through a useless certified middleman (eg. Plaid, GoCardless, ...) instead of letting people use the APIs directly

hmokiguess 2mo ago

Brazil did PIX which in that case the middleman is the government and everyone got to benefit from

lxgr 2mo ago
Isn't PIX a payment scheme? Open banking is slightly different, as it's more about account access (although with read+write access, you can kind of build it into a payment scheme as well, although it's usually clunky).
- hmokiguess 2mo ago
  You're right, they are actually one step ahead and into what is now called Open Finance and aims at extending Open Banking beyond the original vision. The brazilian central bank has a page about it[1] [1] https://www.bcb.gov.br/estabilidadefinanceira/openfinance https://www.bcb.gov.br/estabilidadefinanceira/openfinance

theplatman 2mo ago

would encourage you to read up about how the rest of the world has solved this

ppalata 2mo ago
When you say rest of the world, what countries exactly do you mean? I'm from the Czech Republic and the process is also insurmountable for a regular company. You either go through a middleman or you can apply for a license (only 4 companies in the entire country ever got it and it costs upwards of $50k in legal fees just to file the application).
shimman 2mo ago
Can you just link us to the relevant pieces? I rather not search on my own and read wall street propaganda on why it's bad (which is what I'm finding and not interested in).
- hmokiguess 2mo ago
  Here's a McKinsey report on Pix, Open Banking, and Open Finance in Brazil[1] [1] https://www.mckinsey.com/br/~/media/mckinsey/locations/south%20america/brazil/our%20insights/brazil%20stack/brazil%20stack%20report_al_vf.pdf https://www.mckinsey.com/br/~/media/mckinsey/locations/south...
nozzlegear 2mo ago
Why don't you just tell us, rather than give us homework?