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by masterjack
2403 days ago
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Fragmentation is definitely high. Although if you can seamlessly fall back to other services, a handful of bank integrations can get you ~80% of the customers. I haven't worked with Open Banking, how is it? In the US, for bank transfers, NACHA files are fairly easy to work with, as long as you can access and verify bank account numbers (ideally get balance and identity information too). I think all the APIs support this, eg: https://developer.wellsfargo.com/apis/payments/account-valid... It's hard to tell how quickly things will change and improve. Banks should have an incentive to work on this, since it will give them more control of their data and logins, potentially lowering liabilities and hack potential. |
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