If you wanted to let another organization see your bank account, you’d have to give them your login details. This breaks the bank’s T&Cs, and would cause all kinds of issues in case of fraud or misuse.
How Europe’s push for Open Banking is forcing banking apps to improve their UX
Michael Gardner

Readers might be interested to know that there are currently quite a few providers of apps, that aggregate data from multiple banks & banks accounts, which do use this approach to access user’s data.

Those providers unsuccessfully lobbied against a ban on screen scraping which is due to be introduced with PSD2 because it would

make fintechs technologically dependent on banks and therefore grant incumbents a gatekeeper role on the fintech sector.

see this blog for more details.

But personally I don’t see why access user’s data via the banks new APIs should be an issue, assuming that banks & the regulators do make access to their APIs straightforward..

One clap, two clap, three clap, forty?

By clapping more or less, you can signal to us which stories really stand out.