We’re still digesting all of its recommendations, but some highlights for us include:
Aggressive timelines. There’s an aim to have an MVP offering basic read access to banking data by the end of 2016.
Sensible technical and security recommendations. Building a federated system, on established, yet modern standards like REST/JSON is a welcome relief and a departure from how financial services APIs are usually implemented.
Strong emphasis on openness and developer friendliness, including the creation of a centralised developer hub with reference documentation, an implementation register and a sandbox for testing the APIs.
The report also outlines a number of consumer applications implementations the framework should enable, including new current account comparison services and personal finance management tools. You can read the full report here.
It’s an exciting time for fintech and great news for consumers, let’s see what the end of the year brings!
Adaptive Lab are helping leading organisations deal with the challenges and opportunities of a quickly changing technical landscape. To find out more about open banking and API’s please contact email@example.com