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by namdnay 2403 days ago
Why break? They’re leveraging PSD2, not breaking it
1 comments
toomuchtodo 2403 days ago
Thanks Europe for using regulation (PSD2) to open up banking to fintech startups. Would anyone be interested in joining me in championing similar legislation in the US through congressional representatives, the Federal Reserve, and FDIC?
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capableweb 2403 days ago
I don't know PSD2 fully but I know that my bank rolled out support for it and as far as I gather, applications should not have to ask for my username/password via their own UI (which after testing Plaid, they do), but rather use the authentication systems from the banks to authenticate. Maybe I used it wrong though.
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toomuchtodo 2403 days ago
Your understanding is correct. It's an OAuth2-type mandate for banking services providers.

https://transferwise.com/gb/blog/what-is-psd2

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mijoharas 2403 days ago
FYI, a lot of banks open banking apis are broken most of the time.

Having said that, for plaid in the UK, they do offer both an open banking integration and a scraping integration for most banks.

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