What is Open Bank Project
Today I want to write about an interesting project called Open Bank Project. Open Bank Project, founded by Simon Redfern, is an open source project which aims to create the bridge between banks at the one end and technologies at the other end making the future of financial services. Let me try to explain the importance of this and similar projects. Before we continue, you can read my post about How to integrate your website with the Open Bank Project API using PHP.
Historically, banks have always been a few steps back when we are talking about current trends and technologies. Today users cannot ignore that incapability of the banks to use available technologies in order to make their services better. Hard to believe, but ask yourself weather you would open a new bank account in a bank that doesn’t support online banking? The answer is simply, NO, and now ask yourself why?
With the increased usage of mobile devices and cheaper mobile networks, users want to be able to do banking always on the go, at every imaginable place every seconds of every moment while utilizing a single product which has a beautiful user interface and design. Such an ideal product should not only support one bank but several banks in several countries. You now understand the point. There are so many requirements and the banks are not able to follow everything. They are good at one thing and that’s BANKING. The banks have realized that they have to expose their core banking services, and they are starting to change their philosophy. Banks want to open the gates to their banking services so everyone who can use them has access.
That’s exactly where Open Bank Project comes into play. It is the perfect bridge between banks and technologies. Imagine that you want to make a new mobile application which should implement some banking services like payments, transaction listing or similar functions. You would spend a huge amount of resources in order to support only a few banks and for every bank you have to implement different communication protocols, different standards, specific requirements and you will probably have to deal with some legacy systems etc… Imagine what would happen if you had to support 100 or 500 banks!
What if someone already did that job for you, and all you had to do was contact a single REST API service, which was already working with thousands of banks, in several countries? Yes, that is magic of Open Bank Project. You get to contact the Open Bank Project API and they are in turn get to contact bank servers in order to get the data you want, enabling you to enter another dimension, to optimize your application and its capibilities.
Here is an illustration of how Open Bank Project works:
Now you can see the power of the Open Bank Project. What is more important is that you don’t have to invest time with all banks. You just have to connect your applications with the Open Bank Project API which lets you extend your ideas, to experiment and to grow.
Open Bank Project is not only innovative project within the Fintech space, but it’s a project that is attracting a lot of attention. Cetainly worth tracking and eventually supporting.
In my next post I will explain to you how to connect your application with the Open Bank Project API using PHP.
I’d love to get your comments below or you can email me at code.epicenter at gmail.com.
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