Hi.
Yanks and others civilised countries can sync their banking transactions with 3rd party desktop apps and services (i think, lol)
Just googled and found that "Full data transfer for consumers available" happened 1 February 2022.
So, am I able to sync my transactions to a desktop app yet? Im with ING.
Thanks a lot!
I'm more concerned about 🔐 than searches.
Shopback was hacked, Ledger was hacked and users' information leaked onto the Internet.
100s millions of user data have been hacked over the years and now users want to give 3rd apps access to banking data.
https://www.upguard.com/blog/biggest-data-breaches
I prefer a network that is slow and secure over one that is fast and open to vulnerabilities.
Im talking more about MacOS desktop / iPad apps, like this YNAB (You Need A Budget)
And many countries have this ability to sync transactions and nothing major bad happened..
@nuker: Hackers look for low hanging 🍒.
APIs are low hanging 🍒.
It's 👌 if you want 3rd app access to your banking data. Just don't complain when they get hacked and the data is leaked onto the Internet.
@rektrading: I expect APIs made by a bank to be secure enough. They already allow me to login using browser, and god, what people install on their browsers / computers :)
Same reason people love giving free data about themselves to Facebook, Twiiter, Google, Apple, etc
Just wait for singularity to occur and the above people will be the first targets, the rest of us will be the resistance :P
Users want convenience over security and then cry when the convenience gets hacked.
their account balance and Tx history?
yet fully in favour of crypto with publicly accessibly block chain ledger…
Whats the difference?
One would assume the 3rd party app access is a read only API, and secured to a similar level than an internet bankings web interface.
One is an anonymous ledger and the other one is a fully doxxed ledger.
Ozb members made a big stink when their shopback data got damp on the Internet.
I can only imagine the riot when the API get hacked and Ozb banking data get damp online.
People can then see how much nuker have in their bank accounts and what they're spending their 💵 on.
pfft. if open banking meant the banks supplied an api so you could automatically check your balance and download transactions and statements i would be excited.
yea, exactly. But is it not the stated objective of the Open Banking initiative?
i meant to customers, not to 3rd parties
Emm… Im a consumer, authorising a 3rd party app I installed on my machine to access my data (case A) or authorising 3rd party online service (case B). Hell, I may want to write a Python script to get it too (Case Py :)
@nuker: I don't think case Py will ever happen because they only allow the API to be accessed only by big companies and not individual, even only for your own account. That is, you can't get the raw data directly by yourself.
Lol, the US used to be civilized that is what they make you believe.
With the Lucky Country following the trend of hyper socialism, the wealth is already leaving. One Scotty is hated, the other is bringing us Biden MkII.
Ing is just belongs to a failed empire. But a good start. Find something more obscure!
Axa supposed to be in our deleted sup supplier country.
If you share anything then give them a blank account!
Or ignore all above and donate to or beloved Gerry H….
wtf lol
(profanity) bloody (profanity) it works! Install Banktivity from Mac App Store, start creating Account, select ING from banks, and it asks for ING login/password. And data flows in!!! Thought yall w'd like to know
Edited: also CBA. CommSec shares and ING super give errors so far.
Are you sure the data is being shared via CDR? If not, then it’s not open banking it’s just screen scraping. Screen scraping transactions has been around for many years.
Is Banktivity an accredited data recipient for open banking? I couldn’t find them on https://www.cdr.gov.au/find-a-provider?page=1
"What is CDR?
Australia’s Consumer Data Right gives you more control over your data, enabling you to access and share your data with accredited third parties .."
What a bloody joke, "enabling you to access [your data]" is actually a lie?
From your description, this is definitely screen scraping.
Open Banking would use an OIDC flow where you would be authorizing Banktivity (or whatever the 3rd party app) FROM ING, similar to how you authorize 3rd party applications to access your Facebook or Google profiles.
Password sharing would defeat the purpose.
Yep, likely scraping. Banktivity uses another 3rd party, Yodlee, a US company, for getting that data, pretty lame.
Is there any desktop budgeting apps that use Open Banking mechanisms?
Try Frollo
@El-Rhi: Thanks, but looks like they do not have a desktop app to manage your finances. They like a gateway for others. I'll write to Banktivity with links to CDR and Frollo.
These sorts of things have been around for years? Pocketbook, Moneybrilliant, etc? You give them your banking username and password and they login to your bank for you and download all of your data. Your bank has no idea that this data has gone there
This is very different from Open Banking which you mentioned in your original post - with open banking you still only give your username and password to your bank, but then you say "hey bank, please share my data with these other places". Very different
The transfer security is less of a problem then 3rd party storing the accessed data. Data access is likely protected by layers of authentication, but once the 3rd part have access to that one time data , we don't know if they will keep it themselves. That's the concern.
Next is use case. It is not so much giving an you aggregated transaction data to put into pocketbook (but you can). It is more so you go to refinance your mortgage and the broker can calculate meaningful comparison rate and your borrowing power if you switch. Currently, the comparison rate is calculated based on 150k balance for 25 years term.
anz used to have a product like 10 years ago called anz money manager, which synced all the feeds from all your bank accounts, and you could add other assets like property and shares into it to track your spending and wealth over time, it was great until it was shut down.
Certain apps can already do this, and ING is usually on the forefront with tech-based access. When I was saving for a house, I used PocketBook to track all my expenses. It was able to sync to ING no problems. Now that I am investing in shares, Pearler (which uses OpenMarkets as a backend) can connect to my ING account to see balances (for purposes of net worth). So I think it's really up to the individual app to support this, however ING is likely one of the more widely supported banks around for apps.
Applying for a home loan with Athena, they ask to link to your bank and retrieve n years worth of history from your accounts (with your approval for each account). This is all done through this open banking, so it is available in Australia (to some extent).
thats a lot of history …
Athena isn’t an open banking data recipient so they would be connecting via screen scraping providers, not open banking
86400 app have this, not going to try it though.
It takes me 6 seconds to access my bank accounts on my smartphone, that is fast enough.
I will never, ever give an App access to all my accounts.
And I have my own spreadsheet to keep all accounts together, which includes the cashflow in the future.
I’m glad no one is offering this yet, it only went live less than 3 months ago, first out the gate probably has crap security.
Think about the searches. It can be so much faster and more convenient.
The accountant in me is actually looking forward to being able to pull detailed transactional data in from multiple sources and mash them together. Open Banking is step one, it wouldn't surprise me if retailers started offering up a lot more receipt data to tie this to (and energy companies are going to be forced into it, others will to), I could quickly see that I spend $3,000 a year on hummus and could save a fortune by buying cheaper hummus.
The rest of me is dreading that advertising companies will have this data long before it's useful to me (assuming they don't have it already).
Why do people want to give 3rd party apps access to their account balance and Tx history?