Open Banking

jimbo26

Yes I do enter data manually, no big deal TBH. Been doing it for years and years. A few minutes a day is all it takes.

I think for me Open Banking is a few years away from being a useful tool for me.

Thanks for all your comments

SnowTiger

masonic wrote: »

Good question. I fail to see any evidence of open banking being used.

I use an account aggregator and still need to provide the service with my full login information for it to access my accounts. Open banking was supposed to remove this requirement and allow you to authorise specific services to have limited access to your account data that can be easily managed and revoked without changing your login information.

A few banks have implemented read-only access for Open Banking which doesn't require punters to part with their online banking sign in details.

RBS (including Natwest), Lloyds Banking Group (LLoyds, Bank of Scotland and Halifax), Monzo and Starling are a few that I'm aware of.

Some aggregator apps may not use the new standard, though. One that does is Yolt.

I'm hoping we'll eventually be able to set rules for moving money between accounts.

For example: if the balance of my current account is less than £200, transfer in £200 from my savings account.

It would also be useful for automating the monthly funding requirements process I'm sure many of us go through.

Anthorn

SnowTiger wrote: »

A few banks have implemented read-only access for Open Banking which doesn't require punters to part with their online banking sign in details.

RBS (including Natwest), Lloyds Banking Group (LLoyds, Bank of Scotland and Halifax), Monzo and Starling are a few that I'm aware of.

Some aggregator apps may not use the new standard, though. One that does is Yolt.

I'm hoping we'll eventually be able to set rules for moving money between accounts.

For example: if the balance of my current account is less than £200, transfer in £200 from my savings account.

It would also be useful for automating the monthly funding requirements process I'm sure many of us go through.

In fact not providing bank login details is a feature of Open Banking whereas before open banking the only way for an app to obtain bank data was to login to it with the user login and we had to trust that our personal details were not accessed. Re. Yolt not true. Yolt will access data through secure APIs in accordance with the Open Banking standards.

Next January, the PSD2 regulations and Open Banking Standards will be implemented across Europe and the UK. For the uninitiated, at its most basic it forces banks to open up customer data (current account information) to third parties through secure APIs, providing the customer gives consent. The idea is to allow new companies to innovate with an important data source, giving the market a much-needed competition boost.

Once the APIs from banks are available in January next year, Yolt!!!8217;s offering will become ever more appealing. Having been working towards it for two years, the pair both seem giddy !!!8211; genuinely excited !!!8211; at the prospect of 30 January.

http://www.cityam.com/275653/ings-yolt-harnesses-open-banking-create-next-gen-money

SnowTiger

Anthorn wrote: »

Re. Yolt not true.

Why are you always so contradictory?

What's "not true"?

jimbo26

SnowTiger wrote: »

I'm hoping we'll eventually be able to set rules for moving money between accounts.

For example: if the balance of my current account is less than £200, transfer in £200 from my savings account.

Now stuff like this WOULD be useful.

masonic

SnowTiger wrote: »

Why are you always so contradictory?

What's "not true"?

Looks like he misread your post. :rotfl: you even put does in bold

Anthorn

SnowTiger wrote: »

Why are you always so contradictory?

What's "not true"?

The answer is in the quotes in my post. Yolt and others who keep to the Open Banking regulations do not use "aggregator apps in the sense that they did before and which required the user login to access the data. Now Yolt and others who keep to the Open Banking regulations do or will use the APIs which are provided by the banks and other financial institutions to access data.

I'm not always contradictory: I like accuracy and avoid misconceptions as far as I can.

masonic

aggregator
noun COMPUTING
a website or program that collects related items of content and displays them or links to them.

Clearly "Yolt and others who keep to the Open Banking regulations" do collect related items of content and display them. So they are aggregators.

As someone who values accuracy and avoids misconceptions as far as you can, I'm sure you will be thankful for this clarifiction.

Anthorn

masonic wrote: »

aggregator
noun COMPUTING
a website or program that collects related items of content and displays them or links to them.

Clearly "Yolt and others who keep to the Open Banking regulations" do collect related items of content and display them. So they are aggregators.

As someone who values accuracy and avoids misconceptions as far as you can, I'm sure you will be thankful for this clarifiction.

A reminder that we are discussing Open Banking.

Only in the sense that they collect data which is given to them by/through the Open Banking API provided by the banks and other financial institutions. That is different from previously when data was collected through logging in to the user interface with the user login details.

By way of an analogy, if I want to get information from a web site I go to that web site and collect the information but that web site is not provided by myself.

masonic

Anthorn wrote: »

Only in the sense that they collect data which is given to them by/through the Open Banking API provided by the banks and other financial institutions.

By way of an analogy, if I want to get information from a web site I go to that web site and collect the information but that web site is not provided by myself.

If you went to get information from various different places and then summarised it in one place, then you'd be aggregating it. You'd still be aggregating it if you connected to SQL databases and ran several queries to obtain the data directly, or phoned up the company holding the information and transcribed it over the phone.

You seem to be confusing aggregating with scraping. The Open Banking API prevents the need to scrape information from the webpages.