TrueLayer Launches New Banking API

TrueLayer has launched an API that allows developers to connect apps with customer account data from banks and credit cards across the UK. When describing its motivation behind the apps, TrueLayer quotes Bill Gates: "Banking is necessary, banks are not." TrueLayer developed the API with the intent to create a platform where data is synced across apps and any integrated app can send payments or make purchases.

"Financial Services will need to break their traditional boundaries and communicate and integrate with the applications that we all like to use in our daily routine," the company described in a blog announcement. "And they need to do that in a seamless, secure and reliable way. APIs will be both the backbone of this innovation and the connectivity tissue that will enable institutions to deliver their services."

TrueLayer started with an API-first model because it believes that the fundamental shift it describes will be carried forward by developers and product designers. The TrueLayer launch arrives as the UK's Competition and Markets Authority (CMA) and the EU's Second Payment Services Directive (PSD2) begin to require banks to grant access to certain customer data. TrueLayer's platform will aim to alleviate the bank-by-bank requirement to obtain informed consent, via an API that connects all interested parties (banks and third party apps alike).

The RESTful TrueLayer API returns real-time data in a JSON data format. Setup is easy with a secure sign in dialog and authentication uses OAuth 2.0. Currently, the API provides access to major UK banks including Llyods, Barclays, RBS, HSBS, and many more. Data available includes accounts, check balances, transaction history, cards and more.

There seems to be an imminent transition in banking from bank-driven to consumer-driven solutions. Part of this transition is due to regulation requiring greater access and transparency in banking. However, it is innovative companies like TrueLayer, and API-offerings that are driving theories towards reality. Keep and eye on TrueLayer, and sign up here to learn more.

Eric Carter Eric the founder of Dartsand and Corporate Counsel for a specialty technology distributor. He is a frequent contributor to technology media outlets and also serves as primary legal counsel for multiple startups in the Real Estate, Virtual Assistant, and Software Development Industries. Follow me on Google+

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