Are there any active efforts to standardize a structured data format for these transactions so that in the future you might not have to do any ‘guesswork’, at least when dealing with more forward thinking banks?
Absolutely. Check out our efforts in Plaid Exchange: plaid.com/plaid-exchange/ It’s an open finance solution that helps financial institutions build secure and structured APIs. Some of the most innovative institutions are building onto it and finding value in offering a better experience to end customers, even if it’s outside their application.