SatchelPay Supports the Open Banking API
SatchelPay provides various APIs to the developers, with the aim to improve the accessibility of our services and the services our customers have access to. One of them is the Open Banking API, a single European API for payment service providers that puts our product one step forward to being a part of the monolith cross-border European financial space.
What is the Open Banking API?
An API (application programming interface) is a component of software, which allows other applications to fetch data or trigger certain actions remotely. APIs allow building complex software suites block-by-block or integrating different applications to improve their services and possibilities.
Open Banking is an international project, by which every banking institution provides an API for other applications to access certain analytical data, which helps the financial sector to gather vital statistics from their sources, tweak the processes and provide better services to all customers.
After the Revised EU Directive on Payment Services (PSD2) has been adopted, all financial institutions are required to provide the Open Banking API as a part of the movement toward the single cross-border European electronic payments market.
How Open Banking is Used?
Open Banking API can provide 3rd parties with information that will help you with everyday financial management, online shopping, credit portfolio, and payment security. While the PSD2 is less than 2 years old, there is already a considerable number of integrations that have various functions to ease up personal and business finance management.
With this API, credit organizations can re-organize their interest charges to only trigger them after your salary is deposited to your account, which will save you from going into credit limits or overdraft. Online stores can pre-fill your information and leave you with the sole need to identify yourself and confirm the purchase. Your bank or credit organization can collect all your utility bills and form only one payment a month for everything.
The number of startups and companies that build exciting products with Open Banking API is growing every month.
What Open Banking API Provides and How Safe Is It?
Open Banking API can provide the apps only the depersonalized data that you allow them to have access to. Any app can’t access any personal information through the API. In general, some of the useful things that can be accessed through this API is:
- Account balance;
- Latest transactions;
- Banking card details;
- Confirmation of funds;
- Payment initiation.
All of it can only be accessed if you give your consent to the 3rd party, and some features, like payment initiation, will require your review and approval each time.
Open Banking API is extremely safe. There is no possibility of transferring your funds without your consent, and nobody can access your personal information, ID information, passwords, your cards’ CVC2 numbers, or any other valuable data.
Connecting the Open Banking API is only possible from the devices which can provide access to the latest strong customer identification technologies, such as 3D Secure 2, biometric authentication, dynamic card verification, and so on. This way, the actions that could transfer money from your account can be only confirmed by you in person, and by no other means.