Open Banking has launched two API specifications; Accounts and Transaction Information and Payments Initiation. These API specifications will allow banking customers and small business to share their financial data with third-party applications, and will be live from January next year.
Banks and Credit Unions have taken a segmented approach to integrating with third-party apps. Banks vary in their tech resources and infrastructure and apps must choose which banks they are willing to integrate with. Plaid aims to enable every bank and credit union to integrate with a single API.