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Why connecting to open banking APIs is not as simple as it seems

Why connecting to open banking APIs is not as simple as it seems

Connecting to an open banking API seems pretty straightforward. Once you have a connection, everything should run smoothly, right? Well, it isn’t as simple as that. Making the connection is just one step in a complex process. You also want to maintain the connections – and make sure they work well.

You have a great idea to use banking data to allow people to track their carbon footprint or to manage their finances and you want to dive into open banking. That means it’s crucial to choose between investing in building connections in-house or partnering with an open banking provider.

But first, the big question is, what do we mean when we talk about open banking connectivity? This connectivity is what allows third party providers (TPPs) to connect to a bank or financial institution through an open banking API. Simply put, it is building connections to safely access financial data from banks – with the customer’s permission, of course.

While creating connections is the goal, it is just one part of the process. There are other challenges associated with building connectivity across multiple banks and multiple countries. Let’s take a look at just a few of them.

Read the full article here.

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