UK fintechs have raised concerns that limited data coverage, poor authentication flows and a lack of standardisation mean relying on the country’s open banking interface currently presents too great a business risk.
Eight months after the nine largest banks were due to launch application programming interfaces (APIs) based on a common standard, aimed at facilitating third-party access to customer account data, the rollout to end customers remains limited.
Although the standard, now in its third iteration, has been improved to iron out some of the initial teething troubles, third-party providers have warned that banks’ APIs are still a long way from delivering a model which start-ups can build a business on.
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