Open Banking currently provides three APIs with more being planned and developed, use any one of these in isolation or in combination to provide and build fintech offerings.
AI API
Specification Request & Submission
This is based on an anonymised database of transactional data; customers can allow the system to gather their data along with any other available data such as current loans, etc. 3rd Party Providers can then submit a request with their specifications and transactional information; the system will then return the anonymised data for that request. The Third Party can then make an offer to the customer; at no point is the 3rd party aware of who the customer is, and neither is the platform; only on acceptance or RFI on the quote will the link be made.
Bank Data API
Most useful to banking institutions
This API is based on anonymised or direct customer data. It uses transactional information to present valuable data such as bank charges, patterns around spending, budgets, geographical data on spending cash withdraws, etc.
The API, with its advanced algorithms, can efficiently highlight suspected fraudulent transactions gathered across banking institutions, customers and internet scraping from review sites.
Institutions can create triggers or requests for customers belonging to their organisation and use crowd-sourced, anonymised data to help their customers.
Direct Customer integration can allow for complete transaction data and account management to the limitation of the API.
Account data API
Designed for the consumer
This API is designed for more direct customer-to-provider transactions. A customer can allow a third-party company to access their complete transactional records, which helps, for example, the ability to provide instant loans/credit/higher purchases. The API is also layered with AI insights, allowing automated affordability calculation and classification of transactions, charges, schedules, interest, and more.
API Documentation
Access the API documentation using the button below, this gives you everthing you need to build your integration into the Open Banking platform.
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