Categories involving our business sectors

The Open Banking Revolution Will Be Delayed

Recently, there has been a spate of interesting articles on the state of open banking in the UK. And "state" appears to be the operative word. As an openbanking.space article opines, Anyone with a LinkedIn account will see several articles a day extolling the virtues of open banking, and the potential it has to revolutionise behaviour in retail banking. The implication here is that this is all hype and, six months in, there is no revolution to televise yet: Open banking has not set the UK on fire. Which may very well be true. The HSBC app has been getting [...]

By | 2018-07-09T14:40:14+00:00 July 6th, 2018|Fintech, Opinion|0 Comments

CMA9 APIs: The Only Constant Is The Lack Of Consistency

Following on from our thoughts on SLOs and KPIs, we teased that we had some more data on CMA9 APIs. And here it is! The approach we use is simple. We look at past performance and provide benchmarking against similar services doing similar things – or against previous performance. Obviously, making comparisons against similar services is challenging. But we happen to have a large data set, which fits nicely. Measuring API SLOs The CMA9 UK Open Banking APIs are a set of APIs required by all the UK major banks. It covers the provision of data on common bank information [...]

By | 2018-06-15T08:19:17+00:00 June 15th, 2018|API Update, Fintech, Summary|0 Comments

AISP: It’s All Kicking Off

You know the future has arrived when you see an advert for it for it on an obscure Sky satellite channel. In this case, what is kicking off is the availability of apps from Account Information Service Providers (AISPs). AISPs might be as exciting or as glamorous as PISPs (Payment Initiation Service Provider). And we might debate whether they are going to change banking forever – or even why you would really want to use one. But Mint have been providing account aggregation in the US for years already and a lot of people do have multiple accounts from different [...]

By | 2018-06-07T10:22:13+00:00 June 5th, 2018|Fintech, Opinion|0 Comments

CMA9 OBIE UK Report, April. And a third of APIs still under perform.

Competition and Markets Authority In March, we published a report on the UK's public CMA9 Open Banking APIs V2 from the OBIE. IN it, we found that more than 35% of the APIs offered were performing below our expected acceptable score of 800. And we're sad to say, the numbers for April are essentially unchanged, with 32% of APIs scoring below 800. When we analyse the banks, we find that the under-performing banks have largely remained the same. Although there's a new entrant – Bank of Ireland – which has historically been one of the better performing. [...]

By | 2018-05-04T10:32:54+00:00 May 4th, 2018|Fintech, Monthly Report, News|0 Comments

API Monitoring: There’s No Taking The 5th

Most of the world is probably aware of the 5th Amendment to the Constitution of the United States. Most countries have their own version: No person … shall be compelled in any criminal case to be a witness against himself… While it is an essential part of a good legal system, we all know that there’s always a cloud that hangs over its use in certain situations. Why did they take the 5th? What are they hiding? For individuals, it’s a right and it should be defended. But what about an API? Compare the 5th Amendment to this clause from [...]

By | 2018-05-03T08:00:25+00:00 May 2nd, 2018|Opinion, Sectors|0 Comments

API Standards: Who Watches the Watchmen?

I am fond of the saying, Who watches the watchers? When applied to the API sector, it addresses a very real problem: How do you manage standards and adherence to standards in the API space? Nacha, the payments association, have announced new standards for electronic payments APIs. The work is being led by Apigee and Accenture, two major players in enterprise APIs. Apigee famously provided one of the major gateway products, and was acquired by Google. Accenture does consulting for many, if not all of the major global finance companies. Standards make sense We see a lot of divergence around [...]

By | 2018-04-18T01:46:54+00:00 April 16th, 2018|Opinion, Sectors|0 Comments

PSD2: National Governments and Bodies Have The Final Say

PSD2 is driven top-down by the European Commission and the European Banking Authority (EBA). But it is built bottom-up by the banks and other service providers themselves. And the Commission/EBA don't regulate PSD2 providers. It's the "national competent authorities." In other words, it's the regulator in each country. Unlike the UK, where the CMA9 regulations are defining what the banks must do, PSD2 leaves things entirely in the hands of the banks and related businesses. This creates an immediate problem. There might only be one set of regulatory technical standards for PSD2, but there are more than 30 [...]

By | 2018-04-18T12:22:29+00:00 April 9th, 2018|Fintech, News|0 Comments

PSD2, Open Banking and North America: Part II of II

This is part II of a two-part series. To jump back, read this first. The paradigm within PSD2 and open banking generally is that anyone can connect to anyone. A few US banks have shown some interest in using external APIs, but generally only to connect to a limited number of partners. So, the US model is very much closed banking. So there are likely few open banking API developer programs in the US that we can join. Capital One is, of course, a notable exception, although they are not really promoting true European-style open banking. Companies that provide [...]

By | 2018-04-07T08:52:10+00:00 April 6th, 2018|Fintech, Opinion, Sectors|0 Comments

PSD2, Open Banking and North America: Part I of II

It is universally accepted that Europe is far ahead of North America in the development of open banking. What activity there is mainly focuses on aggregation. But this is just one part of PSD2 (the account-related component). The payment component is much less developed. The best-known aggregator is Mint, but there are a number of other companies in this space (Acorns, Digit, Kabbage, Betterment). Mint has been around for a number of years now, but many banks are still reluctant to let third parties access customer information. This means that aggregator apps are often still reliant on screen scraping [...]

By | 2018-04-05T08:36:00+00:00 April 5th, 2018|Fintech, Opinion, Sectors|0 Comments

CMA9: 35% of Banking APIs Miss Acceptable Performance Targets

During the month of March, APImetrics monitored the quality of 102 CMA9 APIs, approximately 25 of these were V1 APIs, which were all deprecated during the month. Of the remaining V2 APIs, over a third of these APIs failed to meet the standard of good quality as measured by the APImetrics Cloud API Service Consistency score, the credit score for API quality. Danske Bank (https://danskebank.com/) and Bank of Ireland (https://www.bankofireland.com/) hold the top 10 spots with scores near to a perfect 999. Analysis of results with APImetrics clients shows that scores below 800 lead to increased performance and quality [...]

By | 2018-05-04T10:40:21+00:00 April 2nd, 2018|Fintech, Monthly Report|0 Comments