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Spurred by new regulation, banks in Europe have spent the last year opening their application programming interfaces (APIs) to facilitate third-party access to users’ data at the customer's request. Open APIs provide external access to a company’s proprietary systems and data, and have been largely popularized by firms like Google — Uber famously built its platform on top of Google Maps, thanks to the tech giant’s open API infrastructure.
The goal of the open banking movement is to encourage greater competition by allowing fintechs and other players to tap into banks’ troves of customer data in order to build new and more personalized services. However, integrating with many different bank APIs can be extremely tedious and time-consuming. That's because each integration has to be done separately, and the APIs themselves aren't standardized — meaning every integration is unique. There are nine major banks in the UK alone before bringing challengers like Monzo and Starling into the mix, so third parties wanting to make the most of [...]