The Capital One Ruby SDK by Capital One is available to access the API. With the gem, developers can obtain methods to integrate banking features into web services and mobile applications. Includes usage, quirks, and documentation. The official website shows Nessie logo, which is Capital One’s Hackathon API.
Why is it that the most common questions people have about providing open APIs are often about monetization? While there are many possible answers, two reasons that stand out are: a) the API is a distribution channel, and when you think new distribution channel there is an expectation around revenue opportunities; and b) if you are the person in your company trying to define the business case for an API to the executive team, there is a big hurdle to overcome, because business executives tend to see an API as a cost center and want to know how to measure the pay-off.
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.