Most banks in Canada have open banking initiative. Flinks one provider for many.
When you build such solution , you must comply with regulations around classic Personal Identifiable Data Protection, FINTRAC and AML anti money-laundry modules must be part of the backend you design
Openbanking is about talking to your bank via an API rather than using the banking app
In the US “Open Banking” is industry-driven, not regulation-driven. Mostly because our regulators in any given industry are revolving-door with executives of the major companies in that industry. American citizens are remarkably poorly represented by any of our regulators.
Nevertheless the American FinTech industry here is scrambling for EU compatibility because of how global the US economy is. We’re being EU-regulated by proxy. And we’re going to arrive fashionably late to the party. Not absent–just late.
The regulators in the UAE fully support open banking and do provide a sandbox for new fintechs to collaborate with.
An online service called Al Ain finance is offering payment and lending through its portal. I would create a metaverse Fintech bank whereby all your financial life can be placed and accessed. Moreover, through this portal service providers, investors and consultancies can offer their Services to my clients on my metaverese of finance all in one portal in real time global.
In the UK there is an Open Banking Standard that is open to all account providers (ASPSPs) and has been implemented across 90% of the UK payments account market. It is designed to enable a well-functioning, successful ecosystem, where there are no barriers to the provision of products and services by TPPs.
Covering:
API Specifications
Security Profiles
Customer Experience Guildlines
Operational Guidelines
Reference Library
https://standards.openbanking.org.uk/
UK operating banks that offer Open Banking:
Advanced Payment Solutions Limited
Allied Irish Bank
Arbuthnot Latham & Co Limited
Bank Of Baroda (UK) Limited
Bank of Ireland UK
Bank of Scotland
Barclays
BFC Bank
C Hoare & Co
Citibank UK Limited
ClearBank Limited
Clydesdale Bank
Contis
Coutts & Company
Coventry Building Society
Creation Financial Services
*Currency Solutions Limited *
*Cynergy Bank *
Danske
FBN Bank (UK) Ltd
Foreign Currency Direct Plc
Ghana International Bank
Halifax
Hargreaves Lansdown Savings
HSBC
ICBC (London)
Industrial and Commercial Bank of China
Investec
Jordan International Bank Plc
Lloyds Bank
M&S
MBNA
Metro Bank
Mizuho Bank
Monese LTD
Nationwide
NatWest
NewDay
Northern Bank Limited
OKEO LIMITED
Permanent TSB
*Prepay Technologies *
Project Imagine
Reliance Bank Ltd
Revolut
Royal Bank of Scotland International Limited, Luxembourg Branch
Sainsbury’s Bank
Santander
*SG Kleinwort Hambros Bank *
*Spectrum Payment Services Limited *
Starling Bank
Tesco Bank
The Access Bank UK Limited
The Bank of New York Mellon
The Co-operative Bank
The Governor and Company of the Bank of Ireland
The Royal Bank of Scotland
The Royal Bank of Scotland International
Tide Platform
TSB Bank
Turkiye Is Bankasi As
Ulster Bank
Ulster Bank Ireland DAC
Union Bank of India
Vanquis Bank
Virgin Money
Wells Fargo Bank, National Association
Wirepayer
Wirex Limited
Yorkshire Building Society
Development help and details:
https://developer.barclays.com/
https://developer.nationwide.co.uk/
https://developer.coventrybuildingsociety.co.uk/
https://developer.hsbc.com/
https://develop.hsbc.com/knowledge-article/get-started-open-banking-apis
https://www.altfi.com/article/6692_here-are-the-uks-top-5-open-banking-providers
Find out what the regulators in your region are doing within Open Banking. Are they doing something? If so, try to figure out how far have they come and what will or is included in the regulation. Share your findings in the Forum.
Puerto Rico uses the same banking as the United States… I found the following information about Opena Banking for the EEUU.
In July 2021, President Biden signed the Executive Order on Promoting Competition in the American Economy. The Executive Order takes a “whole of government approach” to enforcing antitrust laws across the economy, with clear implications for data protection and privacy. Notably, the order encourages the Consumer Financial Protection Bureau (CFPB) to consider crafting rules under section 1033 of the Dodd-Frank Act in support of open banking with the goal of making it easier for consumers to safely switch financial institutions and use novel and innovative financial products while maintaining privacy and security.
https://fpf.org/blog/the-future-is-open-the-u-s-turns-to-open-banking/
Take a look at a couple of banks active in your region and what kind of developer portals and help they are offering. Can you use any of this for your fintech ideas? Is the service for free or how much will it cost? Share your findings in the forum.
Found a great website for open banking tracking: https://www.openbankingtracker.com/country/united-states
Capital One has API’s for: Customer Transaction and Money Movement
Citi Bank has API’s for: Accounts, Authorize, Customers, Money Management, Utilities, Onboarding and Pay with Points
Research some Fintech API Aggregators in your area and share them in the forum.
TrueLayer
Salt Edge
MoneyHub Enterprise
Plaid
Fidel
Budget Insight
Bridge
Klarna
A)
In South America Brasil, Mexico and Chile, have regulated the Open Banking. There’s an enormous opportunity with Open Banking in Argentina.
B)
Main banks in Argentina:
Banco Santander Rio
Banco Galicia
BBVA Banco Francés
C)
One of the most well-known API Aggregators in Argentina is Flexibility (https://www.flexibility.com.ar/)
I’m new to this space and I’m from the Philippines
Here’s what I found regarding OB regulations in my area:
Philippines Central Bank - Final Draft
and an article regarding the 3-Year Strategy for Open Finance in the Philippines
Hope you’ll find this data useful for those building projects and/or expanding to 3rd world countries like the Philippines 
1.In Italy the SPD2 regulation has been received and implemented even if with big delay.
2.Bper and Banca5 are two examples operating in the open banking sector
3.TINK is active in Italy
In Nigeria;
The open banking initiative is largely driven by the Central Bank of Nigeria (CBN) because of its desire to get banking services to more Nigerians. CBN issued a regulatory framework for financial data sharing in early 2021, while further work is being done by Open Banking Nigeria. Open Banking Nigeria is a private initiative whose mission is to build a common standard for open banking Application Programming Interface (API) in Nigeria.
Also, there’s an uptick of either digital only banks launching (e.g. Kuda Bank) or legacy banks creating a separate digital unit within their existing structure (e.g. Alat by Wema Bank) to build systems whose platforms have modern,
modular architectures that lend themselves to API-based sharing.
In the case of Kuda Bank, their Kuda Open API allows Fintechs to build payment solutions that connect (a limited number of) customers to full banking services for free.
Some Fintech API Aggregators in Nigeria include; Okra (https://okra.ng), Mono (https://mono.co/), OnePipe (https://onepipe.com/) and Pngme (https://www.pngme.com).
I’m in the USA and it doesn’t appear that any real clear initiatives have been put in place yet for Open Banking. From my vantage point, i’m guessing that we will see more progress on this front once they get crypto regulations settled first. From there, they will build upon that to include more clear direction on Open Banking in the future
American Express- They offer a developer portal through Yapily and up to 7 api aggregators, one of which is Tink, which was mentioned in one of the videos.
Capital One- They have a developer portal and have their bank stack through Chime. They’ve got 2 api’s and 3 separate API aggregators.
Founded in 2010, MX aggregates data for our clients using multiple account aggregators, which gives us the ability to switch connections in the event that one becomes deficient. In addition, we offer direct connections via partnerships as well OFX, CUFX, DDA/OAUTH, etc. With access to more than 16,000 organizations via 50,000 connections, MX makes it easy for financial institutions and fintech companies to access transactions, investments, account verification, identity verification, assets, liabilities, balances, PDF Statements, and more.
Finicity started with a focus on money management and evolved to give special attention to account aggregation. Founded in 1999, they have nearly two decades of experience on this front. Finicity helps end users with credit decisioning, offering a new credit scoring methodology called UltraFICO.
Australias Open Banking Road Map - https://www.ausbanking.org.au/priorities/open-banking/
Consumer Data Standards Australia - https://consumerdatastandardsaustralia.github.io/standards/#get-products
Commonwealth Bank Open Banking Developer Portal - https://www.commbank.com.au/developer
Four Australian Fintech API Aggregators - https://ibsintelligence.com/ibsi-news/four-australian-fintechs-using-open-banking-tech-and-data-aggregation/
in the US there is the CFPB : which was introduced back in 2020:
Congress mandated open banking through section 1033 of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, giving the Consumer Financial Protection Bureau (CFPB) the responsibility of developing rules around sharing consumer financial data. In October 2020, the CFPB issued a noticeof proposed rulemaking regarding consumer access to financial records. The CFPB, however, cannot act alone—it is required to consult with the federal regulatory agencies (Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Federal Trade Commission) to ensure that its rules do not favor any particular technology.
i couldn’t find any cost associated to have APIs for openbanking while searching few bank developer webistes; however all of them inferred about cost reduction and increase efficiency with parties doing monetary transactions.
Atlanta Americas:
Ameris uses a 3rd party api aggregator : truelayer TPP however there are no services offer just yet. https://apitracker.io/a/amerisbank/apis
Bank of America has a great developer API website https://developer.bankofamerica.com/CPODevPortal/apidocs/public/#/api has a lot of services with multiple APIs for payment, check services, supply chain , municipalities, and more.
Mexico https://www.openbankingtracker.com/country/mexico: Mexico has citibanamex bank that uses IBM api system.
In Australia, from 1 July 2021, consumers are able to use open banking services offered by ADRs for savings accounts, call accounts, term deposits, current accounts, cheque accounts, debit card accounts, transaction accounts, personal basic accounts, GST and tax accounts, credit and charge cards (personal & business). All the major Authorised Deposit Taking Institutions in Australia are required to operate under the Open Banking framework , and many of the smaller and mid-sized banks such as non-bank lenders expected to come on board.
NAB has the most APIs in Australia. They offer open banking API’s for various services including account balances, account details, transactions, customer information, direct debits, payees and scheduled payments.
Basiq allows access to complete and reliable banking data to deliver more engaging, personalised digital banking experiences.
As ChatGPT3 says,
“Canada does not currently have open banking regulations in place for fintech companies. However, the government has been exploring the possibility of implementing open banking in the country and has held consultations on the subject. In 2019, the Canadian government established the Advisory Committee on Open Banking, which is tasked with making recommendations on how to implement open banking in Canada. The committee has yet to release its final report.”
To put it more frankly, our government here is way behind the curve. They are too busy trying to regulate people from “wrong think”, censor our internet and destroy our domestic oil industry.
Our best bet for Fintech APIs is Bank of Montreal (BMO), they seem to be the farthest ahead including a developer portal:
https://developer.bmo.com/api/commercial/
Once we get the communists out of government things might improve here, but until then expect us to remain behind.
More in depth, the so called “Fintech Law” in Mexico, covers the next subjects:
On of the banks that have active API’s on Mexico are the following:
The API aggregators I found was this one called AfterBanks
Also I found this page for you to see every Open Banking System in your country
OPEN BANKING
In countries with less developed open banking regulations — including the US, Japan, and Canada — the opening of banking services is likely to continue inching forward, driven by customer demand and competitive pressure. While in areas with advanced open banking regulations.
American bankers decide for themselves who to provide data, to whom to issue accreditation, and what requirements to set. However, big changes are coming in the American banking sector. The US Treasury is launching the process of transition to the European model.
Where banks in Europe are required to disclose their information to anyone who is accredited by the regulator…
BBVA
HSBC
Capital One
BARCLAYS
PNC
FLINKS
Thanks for outlining some great research points for us to delve into regarding Open Banking regulations, developer portals from local banks, and Fintech API Aggregators in our region.
While conducting my research, I stumbled upon some interesting insights regarding Open Banking regulations in our area. It seems regulators are indeed taking steps to promote transparency and competition in the banking sector, with various initiatives aimed at fostering innovation and consumer empowerment. I’ll be sharing more detailed findings in the forum shortly.
Additionally, I explored the developer portals of a couple of banks in our region and found some useful resources that could potentially fuel fintech ideas. The services offered range from API documentation to sandbox environments for testing, with varying levels of accessibility and cost structures. I’ll be sharing my findings and insights on how these services can be leveraged for our fintech endeavors.
As for Fintech API Aggregators, I’ve identified a few key players in our area that provide comprehensive solutions for integrating various financial APIs into our applications. These platforms offer a wide range of APIs across different categories, making it easier for fintech startups like ours to build innovative solutions. I’ll be sharing more details about these aggregators in the forum soon.
Lastly, for those interested in gaining a deeper understanding of the costs involved in banking app development, I recommend checking out this insightful article on cost to build a banking app. It sheds light on the factors influencing development costs and could provide valuable insights for our fintech projects.
Looking forward to sharing and discussing more in the forum!
“improve the competitiveness of open banking services.”: implementation of PSD3
Implmentation FIDA: “establish a framework governing access to and use of customer data in finance”.
More globaly: need for financial institutions across the EU to be “governed by the same legal framework and the same technical standards”.
openPayd and TrueLayer
https://docs.truelayer.com/docs/welcome
