Assignment - Open Banking in Fintech

Fintech 101
#101

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

#102

In Nigeria;

  1. 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.

  2. Also, thereā€™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.

  3. 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).

#103
  1. https://www.fintechbelgium.be/news/open-bankingopen-finance-a-revolution-that-impacts-households-and-businesses
  2. Aion / AXA Bank / Belfius
  3. Ibanity
#104
  • 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.

Iā€™m in the USA and it doesnā€™t appear that any real clear initiatives have been put in place yet for Open Banking. From my vantage point, iā€™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

  • 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.
    https://www.openbankingtracker.com/country/united-states

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. Theyā€™ve got 2 apiā€™s and 3 separate API aggregators.

  • Research some Fintech API Aggregators in your area and share them in the forum.

MX

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

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.

#105

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/

  • Frollo
  • Moneysoft
  • Uno Homeloand
  • 86400
#106
  • 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.

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 notice Adobe PDF file formatOff-site link of proposed rulemaking regarding consumer access to financial records. The CFPB, however, cannot act aloneā€”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.

  • 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.

i couldnā€™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.

  • Research some Fintech API Aggregators in your area and share them in the forum.

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.

#107
  • 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.
  • 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.
  • Research some Fintech API Aggregators in your area and share them in the forum.

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 APIā€™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.

1 Like
#108

As ChatGPT3 says,

ā€œCanada 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.ā€

To put it more frankly, our government here is way behind the curve. They are too busy trying to regulate people from ā€œwrong thinkā€, 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.

#109

More in depth, the so called ā€œFintech Lawā€ in Mexico, covers the next subjects:

  • Technological Financial Institutions Regulations
  • Collective Financing Institutional Regulations
  • E-payment Institutional Regulations
  • Digital Assets Regulations
It is a 76 page long document in which you can find all the law and regulations regarding Fintech Institutions on the country of Mexico.

> Fintech Regulations

On of the banks that have active APIā€™s on Mexico are the following:

  • BBVA
    • Business Collections - Confirm your customers' payment in real time through your CIE agreement.
    • Business Payments - Allow your customers to get their collections immediately and automatically from your own platform.
    • Mortages - Complete your customer services catalog with the financing required to buy their home without leaving your digital platform.
    • Auto Loan - Perform real-time simulations on the conditions of a loan for a vehicle and offer to arrange it instantly.
    • Accounts - Complement your service by creating a digital account for your customers within your own digital ecosystem and without having to go through a branch.
    • ATM Locations - Improve the experience of your users by showing the location and information about BBVA ATMs in Mexico.
    • Locations Branches - Provides the location and information on BBVA branches in Mexico.

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

#110
  1. 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.

In countries with less developed open banking regulations ā€” including the US, Japan, and Canada ā€” 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 regulatorā€¦

  1. 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.

BBVA
HSBC
Capital One
BARCLAYS

  1. Research some Fintech API Aggregators in your area

PNC
FLINKS

#111

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. Iā€™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. Iā€™ll be sharing my findings and insights on how these services can be leveraged for our fintech endeavors.

As for Fintech API Aggregators, Iā€™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. Iā€™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!

#112

Source: https://www.mastercardservices.com/en/advisors/archived-practices/open-banking/insights/four-european-takes-open-banking

  • ā€œimprove the competitiveness of open banking services.ā€: implementation of PSD3
    Implmentation FIDA: ā€œestablish a framework governing access to and use of customer data in financeā€.
    More globaly: need for financial institutions across the EU to be ā€œgoverned by the same legal framework and the same technical standardsā€.

  • openPayd and TrueLayer
    https://docs.truelayer.com/docs/welcome