An Open Banking Solution API is a secure, standardized interface that allows third-party providers to access financial data and functionality from participating banks. It enables businesses to develop innovative financial products and services that can be offered to customers.
How secure are Open Banking Solution APIs?
Open Banking Solution APIs are designed with security in mind and comply with PSD2 regulations. They use secure customer authentication (SCA) methods to access the data and all data exchanged is encrypted to protect the sensitivity of the financial information.
What data can be accessed through an Open Banking Solution API?
Through an Open Banking Solution API the following data can be accessed:· - account information, - transaction history, - balance information, - and sometimes other financial data.
It is also easy and secure to execute payments through Open Banking
How can Financial Service Providers/Fintechs/E-Commerce access an Open Banking Solution API?
To access an Open Banking Solution API, you will need to partner with a TPP who is participating in Open Banking (only authorized organizations can use Open Banking) and obtain consent from your customers to access their financial data from the bank.
What are the guidelines for using an Open Banking Solution API?
Open Banking API is quite straightforward. You partner with an authorized thirdparty and simply use them to access the banks data. However, care should betaken handling and processing the data retrieved through the API. Of course the consumer has to provide his/her consent for accessing the account, but thereare also other guidelines that need to be followed.
The data should be secured, it should be clear how the data is processed and stored and privacy should be maintained.
How do Financial Service Providers/Fintechs/E-Commerce integrate an Open Banking Solution API into an application?
By partnering with TPP the integration of an Open Banking Solution API into an application typically involves obtaining an API key and configuring the application to make API calls. In the Solution API call, the consent of the consumer (PSU) journey is already embedded and post consent the data can be retrieved seamlessly and can be used in the application. The TPP will comply with PSD2 regulations and provides the necessary security and data protection measures to ensure compliance.
Can Financial Service Providers/Fintechs/E-Commerce access multiple banks' data through an Open Banking Solution API?
Data from multiple banks is available through an Open Banking Solution API as long as these banks are participating in Open Banking and you have obtained consent from your customers (PSU). It depends a little bit on the TPP you are working with, but most TPPs have access to multiple banks..
How does an Open Banking Solution API handle data privacy and security?
An Open Banking Solution API handles data privacy and security by using secure authentication (SCA) methods, encrypting data transmission, and complying with PSD2 regulations.
How do I evaluate different Open Banking Solution API providers?
In order to properly evaluate Open Banking Solution API providers, check factors such asthe level of security and compliance, the range of financial data and functionality offered, the ease of integration and of course cost for these services. It is also important to consider coverage for both countries and banks offered along with the level of customer support and technical resources availability.
You can also look at the various Business solutions along with the value added services like Dashboards, Dynamic Reports, etc the provider delivers.
Why is the uptake of Open Banking Payment Solutions in the industry so big?
Providing payments capabilities through Open Banking is a cost effective and almost frictionless experience compared to card payments. It provides an almost pan-European (and even banks outside Europe are embracing Open Banking) payment instrument.
What products does OneLinQ provide?
OnelinQ provides the following products around Open Banking:
Simplified API: Ready to use AIS and PIS endpoint which takes care of all various methods of the Strong Customer Authentication journey. The USP for this API is easy integration and the effortless consumption of the API.
Advanced API: Unified Single Standard OneLinQ API toconnect Pan European banks which follow heterogenous standards. This API covers the wide range of AIS and PIS endpoints. OneLinQ also offers various ready-to-use Solution API for Payments and Account Information.
Payment Initiation Services: · Single Payment · Payment Request · Merchant Pay · Wallet Funding Account Information Services: · Account Holder Verification · Account Aggregation · Affordability Check · Income Verification · Income Expense Analysis · Categorization · Business Health Check (Coming soon) · Prediction & Cash Forecasting (Coming soon)
Which banks do you have connected to in which countries?
OneLinQ is connected to over 2,800 banks and financial institutions across 30 countries. Since this number is still growing, please check our full coverage at onelinq.com/live. You can find which services we offer (AIS and/or PIS) and in which environment we do this (sandbox and/or production)
Where can I run a demo or get access to your sandbox environment?
What license does OneLinQ have and what does it cover?
OneLinQ is a payment institution authorized by the DNB (Dutch National Bank) for Europe and the FCA (Financial Conduct Authority) for the UK. Through this license OnelinQ can provide Payment Initiation Services (PIS) and Account Information Services(AIS).
Can I customize an Open Banking Solution API to fit my specific needs?
OnelinQ Open Banking Solution API is a standard product in which OnelinQ provides customizability through certain optional parameters
How do I get support if I have an issue with my Open Banking Solution API integration?
OneLinQ is a cloud payments company that takes the complexity out of payments and open banking. Our unique APIs provide a comprehensive Open Finance as a Service for banks, businesses, consumers and fintechs.