The difference seems to be that open banking would be with your bank’s blessing, regulated by the UK FCA and the API can be read only rather than sharing a password that could be subverted to make unauthorised payments. Did I miss anything?
Open Banking is the way forward and we fully intend to consume those APIs when they are ready. I wrote a blog article on this subject back in August 16.
Currently 9 of the larger UK banks are on-board with Open Banking, although not all of them have fully operational APIs just yet. We are on the Open Banking directory and are currently going through the FCA registration process, this is quite a complex and slow process, but we do hope to be ready by the end of Q2.
We will keep you posted on developments!
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Thanks Glenn, that is good to hear. I believe the early adopters are still in a six week test period starting 13th January so wouldn’t expect to see a lot in the non-trade press before March. Then it will be interesting to see what take up is like with the general public, but it seems like an improvement to me.