Bank of America, the second largest bank in the U.S., introduced a new API on Tuesday for its corporate treasury customers. Using the API, these customers can access their banking information and perform real-time transactions. The bank believes that it will improve its ability to collaborate.
TESOBE, Berlin-based software development firm, has launched the Open Bank Project with the hopes of bringing more transparency to the world's banking community. To accomplish its goal, the Open Bank Project provides an API that banks utilize to provide transaction data to interested parties. Given the hypersensitivity of financial information, the Open Bank Project must persevere through many obstacles. However, should the idea catch hold, it could be the first example of open banking as a service.
Sometimes we forget what the real purpose of all this fancy technology is. And what is that? To make our real lives easier. Mashups often help with that, allowing us to do such simple things as find a good beer, our favorite music artists, where the streetcars are, or where a park is.