API Compliance Monitoring – Can you afford not to?

In the rapidly expanding fields of Open Banking, where there are regulations driven by systems like the European Payment Services Directive, you have to prove your IT systems work as the regulations require – AND, just to add a little extra complexity, some of the dependencies might be entirely outside your control! But when it comes to API Compliance Monitoring, the dirty secret of most testing and DevOps strategies is that they’re more interested in being able to prove the IT systems are working at all than working the way they’re meant to be. Compliance - Can [...]

By |2018-08-10T10:14:57+00:00August 9th, 2018|Fintech, Opinion|0 Comments

Open Banking CMA9 API Performance Data CMA9 – July 2018

We first shared this on LinkedIn a few days ago, but it's worth repeating here as this data is, we believe, fundamental to the success of CMA9 Open Banking API initiatives and the banks, ASPs and TPPs who are running them. Next we're going to be diving into the core data and what it's telling us. Improvement, but still a way to go... Over the course of this year, we’ve found a consistent number of what we deem to be underperforming CMA9 Open APIs from UK banks. That number has been set at around 30%. But in a good [...]

By |2018-08-06T13:54:36+00:00August 6th, 2018|Fintech, Monthly Report|0 Comments

CMA9 Open Banking public APIs: Latest News

The story of our previous monthly surveys of the UK CMA9 Open Banking public APIs has been that roughly 30% of the APIs have fallen below an acceptable score of 800 or more. While things have improved in June, confirming our suspicions that many of the banks took advantage of the multiple holidays during May to make changes, we still observe that 28% of the APIs we monitor are performing below a 'good' score as determined by our CASC scoring system. This is strongly tied to a small number of the institutions involved. Generally speaking, if some of a bank's [...]

By |2018-08-15T08:24:19+00:00July 25th, 2018|API Update, Fintech, Monthly Report, News|0 Comments

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 |2018-08-15T08:24:28+00:00July 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+00:00June 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+00:00June 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 |2018-08-10T07:44:13+00:00May 4th, 2018|Fintech, Monthly Report, News|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+00:00April 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+00:00April 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+00:00April 5th, 2018|Fintech, Opinion, Sectors|0 Comments